Originally seven regional banks and six international banks were chosen as possible adviser with the sponsors asking for a pairing of regional and international banks. Saudi Hollandi was orphaned and fell from the running when it failed to secure an international partner.

Although in the shortlisted six, BNPP-Samba, Calyon-Saudi Fransi and Citi-Apicorp are also thought to have fallen from the running. Some participants questioned how Citi was able to get shortlisted given that the tender documentation expressly stipulated that advisers on other current

The estimated cost of the complex is $26 billion, but his is likely to be revised upwards possibly toward $30 billion on the back of EPC inflation. The project is likely be split into discreet parts – the utilities component alone could be worth up to $3 billion – and tap every available pool of liquidity. Financial close is likely in 2010.