Investment Corporation of Dubai (ICD) has asked banks to tender proposals for a new $4 billion loan refinancing, Reuters reports. The proceeds from the five-year loan will be used to refinance existing debt from a $6 billion loan, some of which is due to mature in 2011.

ICD initially launched the $6 billion loan which was divided between a $3.75 billion conventional financing and a $2.25 billion Islamic financing in August 2008. The loan was completed on a club basis with a small group of 10-12 banks in September. Click here for the story from Reuters.