DP World’s Group Chairman and CEO, Sultan Ahmed Bin Sulayem rang the market-opening bell at Nasdaq Dubai for celebrating the listing of two Sukuk and two conventional bonds which has a total value of 2.3 billion US dollars.
The capital raised will be used by DP World for refinancing debt and to fund opportunities to grow.
The 2019 listing includes two one billion US dollars of Sukuk and 500 million US dollars and two 500 million and 300 US dollars conventional bonds.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: “Our debt issuances this year were well received in the market by a wide variety of investors in the region and around the world, driven by attractive pricing, enabling us to achieve competitive pricing structures as we continue to execute our strategy to become a logistics solutions provider to end-cargo owners. Once again Nasdaq Dubai has provided valuable support for our issuances through its high global profile and close links to international and regional investors.”
By value on the international exchange of the region, DP World is the largest debt issuer in UAE with its Sukuk and conventional bonds listings adding up to more than 9billion US dollars.
His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC), Secretary General of Dubai Islamic Economy Development Centre (DIEDC) and Chairman of Dubai Financial Market (DFM), said: “The issuance and listing of these Islamic and conventional instruments in Dubai reflect the high level of expertise in the UAE across all aspects of the debt markets. The Sukuk instruments emphasise the continued expansion of the Islamic capital markets in Dubai, in line with the growth of the Emirate as the global Capital of Islamic economy under the initiative launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai.”
Sukuk of DP World makes Dubai one of the largest centres for Sukuk listings in the world by face value, presently adding up to 64.3 billion US dollars.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Our exchange infrastructure is designed to provide DP World and other substantial global companies with a streamlined process ahead of listing that meets their fast-moving commercial needs. We also provide comprehensive post-listing services that support their ongoing relationships with their international and regional investors.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “The multiple listings during 2019 by one of Dubai’s most prominent international enterprises underline the Emirate’s expansion as a capital markets hub that attracts investors from around the world. We are preparing for a significant increase in debt listing activity in 2020 from regional and international private and public sector issuers that seek the responsive listing framework and global visibility that we provide.”
The listing of one billion US dollar Sukuk and 300 million US dollar conventional bond of DP World that were listed in July were followed by the listing of 500 million US dollar Sukuk and 500 million US dollar conventional bond in September.