Final negotiations are understood to be under way for the award of the mandate to arrange the estimated $600 million of debt required by Abu Dhabi-based Thuraya Satellite Telecommunications Company for its satellite project.

Bankers say the talks about the eight-year loan are being held with a team of ANZ Investment Bank, Societe Generale, Abu Dhabi Commercial Bank and Union National Bank. This group bid for the mandate against ABN AMRO and a group including Gulf International Bank, Abu Dhabi Investment Company, Emirates Bank International, National Bank of Abu Dhabi and Deutsche Bank.

Earlier reports that the mandate had gone to ABN AMRO have been discounted by bankers (MEED 30:10:98).