DUBAI- Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, has raised a $1.2 billion loan needed to refinance existing debt, banking sources said.

The loan was led by Citi, Dubai Islamic Bank, Emirates NBD, HSBC, ICBC and Standard Chartered .

The Dubai sovereign wealth fund, whose portfolio includes stakes in companies such as Emirates Airline and Emirates NBD, had assets totaling 786.8 billion dirham ($214.21 billion) as of June last year, according to its most recent financial results.

ICD did not immediately respond to a request for comment on the new loan.

The debt facility was syndicated to a larger group of banks and the fundraising has recently been completed, the sources said.

It partly refinances a $2.55 billion five-year loan ICD raised in 2013. That loan, which included an Islamic tranche, saw the participation of a group of banks including Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Citigroup, Commercial Bank of Dubai, Emirates NBD, HSBC and Standard Chartered.

($1 = 3.6730 UAE dirham)

(Reporting by Davide Barbuscia; Editing by Adrian Croft) ((Davide.Barbuscia@thomsonreuters.com; +971522604297; Reuters Messaging: davide.barbuscia.reuters.com@reuters.net))