Dubai's sovereign wealth fund, Investment Corporation of Dubai (ICD) has asked banks to submit proposals on a new $4 billion, five-year loan refinancing, banking sources said on Friday.
The loan, which is the largest to emerge from Dubai since its financial crisis, will refinance existing debt including a $6 billion loan, some of which is due to mature in 2011, a senior loan banker close to the deal said.
ICD could not immediately be reached for comment.
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