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 (N:C), Dubai Islamic Bank (DU:DISB), Emirates NBD (DU:ENBD), HSBC (L:HSBA), ICBC (SS:601398) and Standard Chartered (L:STAN).
The Dubai sovereign wealth fund, whose portfolio includes stakes in companies such as Emirates Airline
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.