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Dubai Duty Free increases loan to $1.5bn – ICD

Investment Corporation of Dubai (ICD) has said airport retailer Dubai Duty Free has increased the size of a multi-tranche loan facility it is currently raising to $1.5bn, due to high interest from local and international lenders, Reuters has reported. Dubai Duty Free had said in April it mandated banks for a $1.1bn financing facility to help fund an expansion at Dubai's international airport. "We are raising $1.5bn and we are getting almost close to double that in terms of interest but hasn't been concluded yet," said ICD chief executive Mohammed Al Shaibani.