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UAE Freezones Biz News Updates
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Dubai investment corporation rethink $2 bln cap as demand soars
Investment
Corporation of Dubai
Investment Corporation of Dubai (ICD), the holding company for some of
the emirate's best-known companies, may increase the size of a $2 billion
loan after significant interest in the deal from lenders, banking sources
said.
Strong demand for the loan is a sign of renewed confidence among bankers in
Dubai, which is recovering from the aftermath of a real estate crash and
sovereign-linked debt crisis which followed the global financial meltdown of
2008.
The loan has been marketed since mid-March, with $1.6 billion of the $2
billion target already pledged by the eight arranging banks, one of the
banking source said.
ICD is currently deciding whether to increase it from the original $2
billion target, with the transaction set to close in the next couple of
weeks, two of the bankers said, speaking on condition of anonymity as the
information isn't public.
The final deal size could be as high as $2.5 billion, the second banker
said, although nothing has been decided.
ICD is Dubai's flagship investment vehicle, holding stakes in many of its
top companies, including Emirates airline , lender Emirates NBD and
developer Emaar Properties.
Dubai's economy has shown signs of recovery in recent months. Property
prices have started to pick up which has stimulated new projects and the
Dubai stock market - up 42.1 percent year-to-date - is one of the
best-performing benchmarks globally.
Dubai's debt crisis led to the restructuring of billions of dollars of bank
loans, leaving many lenders wary of further lending to the emirate. Now the
economy is recovering, banks are beginning to reconsider providing new cash
to Dubai entities.
"Last summer, Dubai was off the agenda for most banks but this deal has seen
plenty of people come in," said the second banker, whose bank has joined the
transaction.
"It's an easy first step back but it's still significant in showing the
re-emergence of Dubai," he added, pointing to the fact ICD is one of the
most creditworthy Dubai borrowers.
ICD did not immediately respond to a request for comment.
The deal refinances an existing $2 billion loan that is due to mature in
August. That loan was part of a $6 billion facility that ICD raised just as
Lehman Brothers collapsed in September 2008. The first $4 billion was repaid
in 2011.
Abu Dhabi Commercial Bank, Citigroup, Commercial Bank of Dubai, Emirates NBD
and HSBC are leading the conventional bank tranche and Abu Dhabi Islamic
Bank, Dubai Islamic Bank and Standard Chartered are leading an Islamic
portion.
The loan carries an interest rate of 215 basis points over the London
interbank offered rate (LIBOR), sources told Reuters LPC in March.
May 26, 2013 |
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Courtesy Al Bawaba
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