Dubai Holding obtains $1.26bn financing from Morgan Stanley
Dubai Holding obtains $1.26bn financing from Morgan StanleyNovember 6, 2007
DUBAI, 6 November 2007: Dubai Holding today announced it has obtained financing of $1.26bn from Morgan Stanley, one of the world's leading investment banks, on a fully underwritten basis.
The facility has been provided, in the form of a short-term bridge loan, to the Dubai Holding Investments Group, the investment arm of Dubai Holding.
It is anticipated that the proceeds of the loan will be used in part, to fund its 100 per cent owned subsidiary Dubai International Capital's (DIC) acquisition of a 9.9 per cent stake in US alternative asset management firm, Och Ziff, upon completion of its initial public offering.
In addition to its role as finance provider for the bridge facility, Morgan Stanley acted as financial advisor to Dubai Holding.