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DUBAI / Reuters
Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, has raised a $1.2 billion loan needed to refinance existing debt, banking sources said. The loan was led by Citi, Dubai Islamic Bank, Emirates NBD, HSBC, ICBC and Standard Chartered.
The Dubai sovereign wealth fund, whose portfolio includes stakes in companies such as Emirates Airline and Emirates NBD, had assets totaling AED786.8 billion ($214.21 billion) as of June last year, according to its most recent financial results.
ICD did not immediately respond to a request for comment on the new loan. The debt facility was syndicated to a larger group of banks and the fundraising has recently been completed, the sources said.