The UAE-based Tecom Investments, a unit of Dubai Holding, has confirmed that it is in talks with lenders to raise a syndicated loan, with banking sources indicating the facility could be worth up to Dh4 billion ($1.1 billion).

The company operates 11 business parks in Dubai, including the Dubai Media City and Dubai Internet City. Dubai Holding is the investment vehicle of the emirate's ruler.

Tecom Investments is expected to use the proceeds for its growth plans, while some of the cash would also be diverted to its parent company, one of the sources said.

Tecom confirmed in a statement to Reuters it was seeking to raise a loan facility and the funds would be used to "support future growth opportunities and other strategic objectives". It declined to comment further.  -Reuters