Bifunctional catalyst comprising phosphorous

A process for conversion of a feed stream comprising methanol and/or DME to an aromatics rich hydrocarbon stream in presence of an at least partially spinelized bifunctional catalyst comprising zeolite, alumina binder, Zn and P, wherein the Zn and P is present in both the binder and the zeolite, the catalyst has a Zn content of more than 7 wt %, at least 95% of the Zn in the binder is present as ZnAl2O4, and the molar ratio of P/Zn is 0.02-5, wherein the aromatics rich hydrocarbon stream is separated into at least an aromatics rich product stream, a process condensate stream and an off gas stream, and where at least part of said off gas stream is recycled to the conversion reactor.