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Tue 11 Jun 2013 08:16 AM

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Dubai fund ICD inks $2.5bn loan deal

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

Dubai fund ICD inks $2.5bn loan deal
UAE dirhams

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.

 

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