LONDON/DUBAI, (Reuters) Investment Corporation of Dubai (ICD), an agency which pools some of the Dubai government’s biggest holdings, is seeking a multi-billion dollar loan for general corporate financing, bankers said on Wednesday.
The sovereign wealth fund, which in March failed in a bid to buy Spanish property firm Inmobiliaria Colonial, is in talks with a number of banks for a multi-billion dollar loan, five bankers who have been approached by ICD told Reuters.
ICD would seek to raise $6 billion in the syndicated loan in the next week or so, one of the bankers told Reuters Loan Pricing Corp.
ICD Chief Executive Mohammed al-Shaibani and Chief Financial Officer Nicholas Hegarty were not immediately available for comment.
Dubai World Trade Centre, a unit of ICD, has teamed up with private equity group Blackstone and others to buy British media group Informa, the Financial Times reported on Wednesday.
ICD owns stakes in companies such as Emaar Properties, the largest Arab developer by market value, and Dubai Financial Market Co, whose parent firm Borse Dubai and the Nasdaq Stock Market bought Nordic exchange operator OMX for $4.9 billion.
Gulf Arab sovereign wealth funds are investing the oil producers’ windfall revenues from a more than six-fold rise in oil prices since 2002.
Oil export revenues of Gulf states, including Qatar’s natural gas exports, are expected to surge 65 percent this year to $660 billion, a Reuters poll showed this week.