Dubai Ports World, the state-owned port operator, has shelved plans for a London flotation in what would have been the largest public offering from the Middle East. The Times

Instead the company has opted to raise funds by issuing bonds.

DP World announced plans for the flotation in 2005. It hoped to raise $5b (£2.5bn) on the London Stock Exchange, but last November postponed the offering for six to 12 months to prepare. Sultan Ahmed Bin Sulayem, chairman of Dubai World, the parent of Dubai Ports, said: ‘So far, we’ve proven that issuing bonds is better for us ‘