Photo: Image courtesy: DP World

DP World Rings Nasdaq Dubai Bell after USD 2.3 Bn Listing

Port and terminal operator DP World rang the market-opening bell at Nasdaq Dubai on November 25 to mark the listings of two Sukuk (an Islamic financial certificate) and two conventional bonds with a total value of USD 2.3 billion.

DP World said it would use the capital raised for debt refinancing and to fund growth opportunities.

The listings, carried out during 2019, comprise two Sukuk of USD 1 billion and USD 500 million, and two conventional bonds of USD 500 million and USD 300 million.

“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,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said.

DP World’s USD 1 billion Sukuk and USD 300 million conventional bond which were listed in July were followed by the listing of the USD 500 million Sukuk and USD 500 million conventional bond in September.