Investment Corporation of Dubai (ICD), the emirate's flagship investment vehicle, has begun talks with banks over a $2 billion loan it is scheduled to repay in August, with refinancing the most likely option, four banking sources told Reuters.
The loan is the second tranche of a $6 billion facility that the sovereign fund raised just as Lehman Brothers' collapse sent the global economy into freefall in September 2008. The first $4 billion was repaid in 2011.
ICD is Dubai's flagship investment vehicle, holding stakes in some of the emirate's best-known companies, including Emirates airline, the bank Emirates NBD and Emaar Properties.
Talks are at an early stage and more detail is expected to emerge in the coming weeks about how ICD plans to handle the loan's maturity, the bankers said on Monday.
The loan is the second tranche of a $6 billion facility that the sovereign fund raised just as Lehman Brothers' collapse sent the global economy into freefall in September 2008. The first $4 billion was repaid in 2011.
ICD is Dubai's flagship investment vehicle, holding stakes in some of the emirate's best-known companies, including Emirates airline, the bank Emirates NBD and Emaar Properties.
Talks are at an early stage and more detail is expected to emerge in the coming weeks about how ICD plans to handle the loan's maturity, the bankers said on Monday.
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