Dubai fund ICD inks $2.5bn loan deal

Investment Corp of Dubai signs agreement for upsized five-year loan facility

Investment Corp of Dubai (ICD), the holding company for some of the emirate's best-known companies, has signed an upsized $2.5bn, five-year loan facility, it has said in a statement.

The new deal, which was arranged by a group of eight local and international banks, refinances an existing $2bn facility which is due to mature in August.

Bankers told Reuters last month that the new loan had attracted heavy demand from lenders, with ICD considering an increase on its original $2bn target.

In total, 17 lenders participated in the deal, the statement said. The loan had been marketed since mid-March.

ICD is Dubai's flagship investment vehicle, holding stakes in many of its top companies including Emirates airline, lender Emirates NBD and property developer Emaar Properties.

 

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Accounting meets religion in challenge for Islamic banks

Accounting meets religion in challenge for Islamic banks

Reconciling accounting standards and religious principles is...

Banking on reforms in Kuwait

Banking on reforms in Kuwait

As Kuwait stares down its first deficit in 20 years, the Gulf...

Saudis face dilemma between size and pricing in debut bond sale

Saudis face dilemma between size and pricing in debut bond sale

Riyadh is under pressure to maximise the size of its international...

Most Discussed
sponsoredTracking