UAE: Investment Corporation of Dubai (ICD) has raised US$5.6 billion through conventional and Shariah compliant facilities, with its legal adviser, Allen & Overy, saying that this signifies the growing trend of utilizing both conventional and Islamic tranches for debt financing in the Middle East region.
Through the Murabahah facility, ICD has raised US$1.5 billion. The mandated lead arrangers for the facility are Dubai Bank, Noor Islamic Bank and Standard Chartered Bank, which were advised by A&O’s Dubai-based partners, Anzal Mohammed, with the assistance of its senior associate, Amar Meher.