By Davide Barbuscia
DUBAI, April 3 (Reuters) - Investment Corporation of Dubai(ICD), the Dubai government’s main investment arm, has raised a$1.2 billion loan needed to refinance existing debt, bankingsources said.
The loan was led by Citi, Dubai Islamic Bank, Emirates NBD, HSBC, ICBCand Standard Chartered.
The Dubai sovereign wealth fund, whose portfolio includesstakes in companies such as Emirates Airline andEmirates NBD, had assets totaling 786.8 billion dirham ($214.21billion) as of June last year, according to its most recentfinancial results.
ICD did not immediately respond to a request for comment onthe new loan.
The debt facility was syndicated to a larger group of banksand the fundraising has recently been completed, the sourcessaid.
It partly refinances a $2.55 billion five-year loan ICDraised in 2013. That loan, which included an Islamic tranche,saw the participation of a group of banks including Abu DhabiCommercial Bank, Abu Dhabi Islamic Bank, Citigroup, CommercialBank of Dubai, Emirates NBD, HSBC and Standard Chartered.($1 = 3.6730 UAE dirham)(Reporting by Davide Barbuscia; Editing by Adrian Croft)