DUBAI: Investment Corp of Dubai (ICD), the holding company for some of the emirate’s best-known companies, has signed an upsized $2.55bn, five-year loan facility, it said in a statement yesterday.
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 said 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.