April 3, 2018 / 12:47 PM / 2 years ago

Investment Corp of Dubai raises $1.2 billion loan: sources

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 (C.N), Dubai Islamic Bank (DISB.DU), Emirates NBD (ENBD.DU), HSBC (HSBA.L), ICBC (601398.SS) and Standard Chartered (STAN.L).

The Dubai sovereign wealth fund, whose portfolio includes stakes in companies such as Emirates Airline EMIRA.UL 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

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