Business Bureau, Gulf Today

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, rang the market-opening bell at Nasdaq Dubai to celebrate the listings of two Sukuk and two conventional bonds with a total value of $2.3 billion.

DP World will use the capital raised for debt refinancing and to fund growth opportunities.

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

Sultan Ahmed Bin Sulayem 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.”

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 US dollars.

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.”

DP World’s Sukuk underline Dubai’s role as one of the largest global centres for Sukuk listings by nominal value, currently totalling $64.3 billion.

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.”

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

Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

DP World is the leading enabler of global trade and an integral part of the supply chain.

We operate multiple related businesses - from marine and inland terminals, marine services, logistics and ancillary services, to technology-driven trade solutions.

DP World’s portfolio of more than 150 operations in over 50 countries across six continents gives it a significant presence both in high-growth and mature markets.

DP World’s dedicated team of more than 50,000 employees from 120 countries builds enduring relationships with governments, shipping lines, importers and exporters, communities, and many other essential constituents of the global supply chain, providing quality value-added services today and tomorrow.

Container handling is the company’s core business and generates more than half of its revenue. In 2018, DP World handled over 70 million TEU (Twenty-foot Equivalent Units) across our portfolio. With a pipeline of committed developments and expansions, we expect the current gross capacity of 91 million TEU to rise in line with market demand.