Abu Dhabi’s investment fund would support the UK music company Sony for the final bid for EMI, according to information gathered from people close to Citibank’s $3.5bn-$4bn auction. The move would strengthen the financial position of Sony making it top competitor of bidders including BMG Music Publishing, Ronald Perelman’s MacAndrews & Forbes group, Universal Music and Len Blavatnik’s Warner Music.

The Japanese electronics group, however, declined to comment on the matter. It would now target EMI Music Publishing, valued at $2bn-$2.5bn. The move will bring more funds in Dubai and hence diversify its hydrocarbon based economy.

BMG, the joint venture between Bertelsmann of Germany and Kohlberg Kravis Roberts, the private equity group is also said to have put in its offer on Wednesday but it is yet to verify whether it is interested in full shares or simply in music publishing.

Vivendi's Universal Music Group and Ron Perelman's MacAndrew & Forbes are also looking forward for venturing in to EMI's recorded music business. Now all eyes are on the second round of bids were due on Wednesday.