A consortium led by Bahraini Islamic investment bank Gulf Finance House unveiled plans on Tuesday to build a residential and industrial city in China worth up to $5bn. Financial Times

China Energy City will be developed on 13 sq kms in Yanjiou, near Beijing.

Facilities will include branch of a planned Qatar-based energy exchange, a science park for energy education courses and a Sino-Arab business school, offering business education in English, Chinese and Arabic.

Esam Janahi, chief executive of Gulf Finance House, said soaring demand in China for Gulf crude oil was a key factor in his company’s decision to invest. The group has launched similar energy cities in Qatar and India, near Mumbai.