Investment Corporation of Dubai (ICD), the investment arm of the Government of Dubai, has raised bank financing of $5.6 billion for the first time, according to global law firm Allen & Overy.

The deals included a $3.6 billion conventional facility, a $1.5 billion murabaha facility and a $500 million co-ownership facility, the company was quoted as saying in a Gulf News report.

'The transaction signifies the growing trend of utilising both conventional and Islamic tranches for debt financings in the Middle East region,' a statement said.

'The deal represents the increasing trend of deals being structured with conventional and Islamic tranches. In particular, it showcases the potential of Islamic institutions to help address the liquidity gap in the current market conditions,' stated Amar Meher, Allen & Overy banking senior associate.