Dubai’s DP World raises $2.3 billion this year in sukuk, bond listings

Dubai: Port operator DP World said on Monday it listed a total of two sukuk and two conventional bonds on Nasdaq Dubai this year with a total value of $2.3 billion.

Sultan Ahmed Bin Sulayem, Chairman and Chief Executive Officer of DP World, rang the market-opening bell at Nasdaq Dubai on Monday to celebrate the listings of the Islamic bonds and conventional bonds, the company said in a statement.

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.

DP World listed $1 billion sukuk and $300 million conventional bond in July, which followed the listing of $500 million sukuk and $500 million conventional bond in September. 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.

DP World said it would use the capital raised for debt refinancing and to fund “growth opportunities”. Majority owned by the Dubai government, DP World, had $10.5 billion in debt at the end of last year.

“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,” said Hamed Ali, Chief Executive Officer of Nasdaq Dubai.