Dubai's ICD plans to raise $2bn loan

Investment Corporation of Dubai, the emirate’s main state-owned holding company, said on Tuesday it plans to raise $2bn from a syndicated loan to refinance debt.

The facility will include both conventional and Islamic portions and have a tenor of five years, the company said in a statement.

It added that the funds will go toward repaying the $2bn five-year portion of an original $6bn loan raised in August 2008. That facility’s $4bn three-year tranche was settled in August 2011.  

Abu Dhabi Commercial Bank, Citi, Commercial Bank of Dubai, Emirates NBD Bank and HSBC have been appointed as mandated lead arrangers on the conventional facilities while Abu Dhabi Islamic Bank, Dubai Islamic Bank and Standard Chartered Bank will play a similar role on the Islamic facilities.

ICD said it will be hosting a bank meeting in Dubai next week.

ICD was set up in May 2006 and holds stakes in more than 30 companies, including Emirates Airline, Emaar Properties and Emirates NBD.

ICD is taking advantage of increased demand for Dubai debt, which has benefited from international investors seeking emerging market assets, but also improved sentiment driven by a recovery in the local economy and state-linked debt restructurings.

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
Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Fly economy class, share an office: Qatar's new reality

Fly economy class, share an office: Qatar's new reality

Gov't employees are being asked to make savings as low energy...

Most Discussed
  • 15
    Great escape? The UAE expat's dilemma

    Unless the rules are changed, rents are reduced as per the paying capacity of the expatriates, school fees reduced, unnecessary new expenses pop up, this... more

    Sunday, 4 September 2016 8:14 AM - Shanti
sponsoredTracking