Investment Corp of Dubai raises $1.2 billion loan: sources

By Davide Barbuscia

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 (NYSE: C), Dubai Islamic Bank , Emirates NBD , HSBC , ICBC <601398.SS> and Standard Chartered (NASDAQ: STAN).

The Dubai sovereign wealth fund, whose portfolio includes stakes in companies such as Emirates Airline and Emirates NBD, had assets totaling 786.8 billion dirham ($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.

It partly refinances a $2.55 billion five-year loan ICD raised in 2013. That loan, which included an Islamic tranche, saw the participation of a group of banks including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Commercial Bank of Dubai, Emirates NBD, HSBC and Standard Chartered.

(Reporting by Davide Barbuscia; Editing by Adrian Croft)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Is the global equity rally broadening? UBS weighs in
• CoStar Group acquires Zonda for $800M, adding new home data
• Beike (BEKE) PT Raised to $23 at Morgan Stanley