Bloomberg/Chris Ratcliffeby Kudakwashe Muzoriwa
DP World said that it issued and listed two Sukuk and two conventional bonds on Nasdaq Dubai with a total value of $2.3 billion in 2019. The ports operator plans to use the capital raised for debt refinancing and funding of growth opportunities.
Sultan Ahmed Bin Sulayem, the 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 which enabled us to achieve competitive pricing structures.”
Nasdaq Dubai stated that DP World is the largest UAE debt issuer by value on the region’s international exchange, where its Sukuk and conventional bonds listings now total over $9 billion.
HE Essa Kazim, the Governor of Dubai International Financial Centre (DIFC), 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.”
DP World’s $1 billion Sukuk and $300 million conventional bond which were listed in July 2019 were followed by the listing of the $500 million Sukuk and $500 million conventional bond in September 2019.