Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, has raised a USD1.2bn 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 AED786.8bn (USD214.2bn) as of June last year, according to its most recent financial results. The debt facility was syndicated to a larger group of banks and the fundraising was recently completed, the sources said. It partly refinanced a USD2.55bn five-year loan ICD raised in 2013.
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