LONDON: A $6 billion syndicated loan for state-owned Investment Corporation of Dubai has been launched to a wider syndication, banking sources said yesterday.
The loan is the latest in a series of large sovereign-backed financings to emerge from the emirate, they added.
A bank meeting will be held today in Dubai and is expected to be well-attended despite international banks' rising exposure to Dubai's government-owned entities, known collectively as Dubai Incorporated, after a busy year in the loan market.
The loan is split between a $3.75bn conventional financing and a $2.25bn Islamic financing.
The conventional financing comprises a $1.25bn five-year facility and a $2.5bn three-year tranche; while the Islamic financing comprises a $750 million five-year facility and a $1.5bn three-year facility.
The conventional financing is led by Barclays, Citigroup, HSBC, JP Morgan and Royal Bank of Scotland, while the Islamic tranche is led by Dubai Bank, Dubai Islamic Bank, Noor Islamic Bank and Standard Chartered.
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