The deal was arranged by Royal Bank of Scotland, HSBC, BNP Paribas, Bank of Tokyo Mitsubishi, Barclays, and National Bank of Abu Dhabi. It will be used to refinance a one-year facility of $3.1bn that was signed on 10 January.

Initially, Taqa was seeking $3bn, but increased the size of the deal as a result of investor demand. The original facility was priced at 27.5 basis points over libor and was denominated only in dollars. The new facility is in both dollars and dirhams.

Syndication of the deal closed in the first week of August.