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- Funds will support the Group’s commitment to sustainability projects across its global operations.
Dubai: Nasdaq Dubai welcomes the listing of a USD 1.5 billion Green Sukuk by DP World, a leading provider of global end-to-end supply chain solutions. The dually listed Sukuk issuance proceeds will be earmarked for eligible green projects in line with the company’s recently published Sustainable Finance Framework which cut across electrification, renewable energy, clean transportation and energy efficiency.
Today, Nasdaq Dubai boasts a substantial total debt value, currently standing at USD 120.95 billion. Within the broader spectrum of ESG classified issuances, the total value reaches USD 25.45 billion, with Nasdaq Dubai's Green issuances alone accounting for USD 17.55 billion. Notably, DP World's listing issuance has played a significant role in elevating Nasdaq Dubai's total Sukuk listings to an impressive USD 79 billion, enhancing Dubai’s financial standing on the world stage.
To commemorate the successful listing, Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) rang the bell at the market-opening ceremony at Nasdaq Dubai.
The 10-year Green Sukuk, garnered significant investor interest with USD 3.4 billion order book from local, regional, and international investors. Supported with robust credit ratings – Moody’s (Baa2/Stable) and Fitch (BBB+/Stable) – and strong ESG ratings from Sustainalytics (“Negligible Risk”), CDP (A- leadership), and MSCI (B), the Sukuk was priced at a spread of 119.8 bps above US treasuries with a 5.5% coupon rate, achieving one of the tightest 10-year spread for a BBB rated corporate issuer from the Central and Eastern Europe, the Middle East and Africa (CEEMEA) region ever.
H.E. Sultan Ahmed bin Sulayem, Group Chairman and CEO at DP World said: “We aspire to lead global trade into a more resilient, efficient, and sustainable future for our customers and their customers. That’s why we are acting with scale and ambition, using our hands-on expertise to reshape trade for the better. The price we achieved for this Green Sukuk is phenomenal and represents the confidence investors have in DP World as a company and our commitment to sustainability.”
Hamed Ali, CEO of Nasdaq Dubai and DFM, said: “We are thrilled to commemorate the milestone Green Sukuk listing of DP World on Nasdaq Dubai. This significant achievement not only underscores the robustness and attractiveness of the Dubai capital market but also highlights the increasing demand for Islamic & Green finance instruments in the region. Nasdaq Dubai remains dedicated to fostering innovation and advancing the growth of the UAE financial market and the region’s efforts towards sustainability, and we are proud to offer a diverse range of investment products. We extend our wholehearted support to DP World and the Group’s commitment to sustainability.”
Yuvraj Narayan, Group Deputy CEO and CFO at DP World added: “Our Green Sukuk amplifies our commitment to placing sustainability at the heart of everything we do, ensuring that we are able to create real societal and economic change. Through this issuance, and we are able to further align our sustainability strategy, and decarbonisation efforts with the Group’s financing strategy.”
Notably, the total value of Sukuk listed under DP World’s USD 5 billion Trust Certificate Issuance Program have reached USD 4 billion, including this issuance. At COP27 last year, DP World had announced decarbonization as a core focus, committing to becoming carbon neutral by 2040 and net zero carbon by 2050.
About Nasdaq Dubai:
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).
For further information, please contact:
Noora Al Soori
Communications and Public Relations
Dubai Financial Market
E: nalsoori@dfm.ae
Shruti Choudhury Shraddha Sundar
Account Director Account Manager
Edelman Smithfield Edelman Smithfield
E: dfmedelmansmithfield@edelman.com E: dfmedelmansmithfield@edelman.com
About DP World:
Trade is the lifeblood of the global economy, creating opportunities and improving the quality of life for people around the world. DP World exists to make the world’s trade flow better, changing what’s possible for the customers and communities we serve globally. With a dedicated, diverse and professional team of more than 106,500 employees from 158 nationalities, spanning 73 countries on six continents, DP World is pushing trade further and faster towards a seamless supply chain that’s fit for the future. We’re rapidly transforming and integrating our businesses -- Ports and Terminals, Marine Services, Logistics and Technology – and uniting our global infrastructure with local expertise to create stronger, more efficient end-to-end supply chain solutions that can change the way the world trades. What's more, we're reshaping the future by investing in innovation. From intelligent delivery systems to automated warehouse stacking, we’re at the cutting edge of disruptive technology, pushing the sector towards better ways to trade, minimising disruptions from the factory floor to the customer’s door.
For further information, please contact:
Adal Mirza Hakam Kherallah
Group VP, Media Relations Group Senior Manager, Media Relations & CEO Communications
DP World DP World
E: Adal.mirza@dpworld.com E: Hakam.kherallah@dpworld.com
