ICD gets upsized $2.55bn loan

Investment Corp of Dubai (ICD), the holding company for some of the emirate's best-known companies, has signed an upsized $2.55 billion (Dh9.35 billion) , five-year loan facility, it said in a statement on Monday.

The new deal, which was arranged by a group of eight local and international banks, refinances an existing $2 billion 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 $2 billion 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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