Mumtalakat Holdings and Investment Corporation Dubai, two of the Middle East’s largest sovereign wealth funds, are between them raising over $6.5bn (€4.36bn) in syndicated loans from banks for the first time to finance their operations and potential acquisitions throughout the world.

Mumtalakat Holdings, Bahrain’s $10bn state investment agency, and Investment Corporation Dubai, the investment arm of the Dubai government, have each mandated banks to arrange the loan financings, the biggest of which is the $6bn debut facility from ICD, according to loans bankers.