A process for preparing an aromatic isocyanate by direct carbonylation of a nitro aromatic compound by reacting the nitro aromatic compound with carbon monoxide in the presence of a catalyst, characterized in that the catalyst contains a multi metallic material comprising one or more binary intermetallic phases of the general formula AxBy wherein: A is one or more element selected from Ni, Ru, Rh, Pd, Ir, Pt and Ag, B is one or more element selected from Sn, Sb, Pb, Zn, Ga, In, Ge and As, x is in the range 0.1-10, y in is in the range 0.1-10.