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• First triple currency offering from a Middle East issuer in the past 12 years
• Ceremony underlines Dubai’s leading role in debt listings including world’s largest Sukuk value at $60.4 billion US dollars
Dubai: Sultan Ahmed Bin Sulayem, Group Chairman and CEO of global trade enabler DP World, rang the market-opening bell today to celebrate the multi-currency listing on Nasdaq Dubai of four debt listings. They comprise a 10 year $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. The deal sets new benchmarks for Middle East issuers. 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.”
The four listings, which took place on September 26, 2018, bring the total value of current debt listings by DP World on the region’s international exchange to $7.03 billion US dollars from eight issuances, making the company Nasdaq Dubai’s largest UAE debt issuer by value.
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.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Nasdaq Dubai is delighted to welcome DP World today as the first issuer to celebrate its listings at our new MarketSite event platform and media space, which is purpose built to provide companies and other entities
with a high public profile and global visibility. We look forward to welcoming many more regional and international issuers to MarketSite to celebrate their listings.”
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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About DP World
DP World is a leading enabler of global trade and an integral part of the supply chain. We operate multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions.
We have a portfolio of 78 operating marine and inland terminals supported by over 50 related businesses in over 40 countries across six continents with a significant presence in both high-growth and mature markets. We aim to be essential to the bright future of global trade, ensuring everything we do has a long-lasting positive impact on economies and society.
Our dedicated team of over 45,000 employees from 103 countries cultivates long-standing relationships with governments, shipping lines, importers and exporters, communities, and many other important constituents of the global supply chain, to add value and provide quality services today and tomorrow.
Container handling is the company’s core business and generates more than three quarters of its revenue. In 2017, DP World handled 70.1 million TEU (twenty-foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 88.2 million TEU is expected to rise to more than 100 million TEU by 2020, in line with market demand.
By thinking ahead, foreseeing change and innovating we aim to create the most productive, efficient and safe trade solutions globally.
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).
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