Mubadala Development Company is seeking to refinance a $2bn (£1.2bn) loan

The Abu Dhabi-based company is behind schemes such as Masdar, the £13bn project to create the world’s most sustainable city.

Masdar has been hit by delays, and the opening date for the Masdar Institute, designed by Foster + Partners, has been pushed back from 2009 to September 2010. The scheme’s overall completion date of 2016 has been dropped and no replacement has been announced.

Meanwhile Mubadala is understood to have prequalified the following firms for the $1bn Sheikh Khalifa Bin Zayed stadium in Abu Dhabi’s Khalifa City: Bouygues/Arabian Contracting (UAE), Vinci/ Consolidated Contractors (Saudi Arabia), Samsung (Korea)/Zueblin (Germany) and Taisei (Japan)/China State Construction.