DP World Launches USD 1.2 Bn Sukuk on Nasdaq Dubai

Dubai-based port and terminal operator DP World’s Group Chairman and CEO, Sultan Ahmed Bin Sulayem, rang the market-opening bell today to celebrate the listing of a USD 1.2 billion sukuk on Nasdaq Dubai.

“As the international financial exchange serving the Middle East, Nasdaq Dubai is an excellent listing venue to support the global visibility of our sukuk,” Bin Sulayem said.

“Our issuance received strong investor demand from around the world, including the US and Europe as well as our own region,” he added.

DP World’s Sukuk listed on Nasdaq Dubai on June 1, 2016. It is the company’s fourth debt listing on the exchange.

At the end of May, DP World raised the amount in a new 7-year sukuk. The issue received strong investor interest and was 2x oversubscribed receiving more than USD 2 billion in bids, DP World earlier said.

The new sukuk issue followed DP World’s refinancing of over USD 1.1 billion of the existing USD 1.5 billion 2017 sukuk.

The remaining USD 387 million 2017 sukuk matures next year. The money raised from the new sukuk sale will fund the tender offer along with general corporate purposes.