Dubai-based ports operator DP World has raised $1.5 billion through a sukuk offering to support green projects.

The green sukuk, listed on both Nasdaq Dubai and the London Stock Exchange, was 2.3 times oversubscribed, indicating strong demand from local, regional and global investors.

The funds will be used to support the company’s commitment to sustainability projects across its global operations, DP World said in a statement on Thursday.

“The proceeds from the sukuk will be earmarked for eligible green projects in line with DP World’s recently published sustainable finance framework,” the statement said.

The sukuk was priced at a spread of 119.8 bps above US treasuries with a 5.5% coupon rate.

“Through this issuance, we are able to further align our sustainability strategy and decarbonisation efforts with the Group’s financing strategy,” said Yuvraj Narayan, Group Deputy Chief Executive and Chief Financial Officer at DP World.

DP World’s portfolio includes green and sustainable assets. The company has committed to becoming carbon neutral by 2040 and net zero carbon by 2050.

(Writing by Cleofe Maceda; editing by Seban Scaria)