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DPW Chief Opens Nasdaq Dubai in $3 Billion Celebration
Global News

DPW Chief Opens Nasdaq Dubai in $3 Billion Celebration

DP World helps Dubai break financial records

TLME News Service

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of global trade enabler DP World, has rang the market-opening bell to celebrate the multi-currency listing on Nasdaq Dubai of four debt listings.

The listings comprise a 10 year US$1 billion US dollar Sukuk and three conventional bonds of 30 years $1 billion US dollars, 8 years €750 million Euros, and 12 years £350 million GBP respectively.

The four listings together amount to a value of about $3.3 billion US dollars, setting new benchmarks for Middle East issuers.

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Amongst other highlights, this deal marks the largest bonds issue from the Middle East since 2014 and is the first triple currency offering from a Middle East issuer in the past 12 years.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said: “We are delighted with the outcome of this funding exercise.

“The transaction was well received in the market with strong demand as evidenced in the attractive pricing.

“Furthermore, this multi-currency multi-tenor issue was a first for this region and importantly it has allowed us to capture new investors across different formats and currencies.”

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Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “DP World’s multiple debt listings in Dubai highlight the capacity of the Emirate’s exchange infrastructure to support the capital raising needs of substantial global companies.

“In particular DP World’s Sukuk listing advances the expansion of Dubai 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.”

DP World’s latest Sukuk listing underlines Dubai’s role as the largest global centre for Sukuk listings by nominal value, currently totalling $60.4 billion US dollars.

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