Dubai's sovereign wealth fund said to seek $1b refinancing

Dubai, UAE. Photo by David Rodrigo on Unsplash

Investment Corp. of Dubai is seeking to raise a $1 billion loan to refinance existing debt, according to two people with knowledge of the plan.

The emirate’s main state-owned holding company is talking to banks to raise a five-year loan to partly repay a $2.55 billion facility that matures in June, said the people, asking not to be identified because the information is private. ICD will use its own cash to repay the rest of the loan, they said.

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