DP World Chairman rings Nasdaq Dubai market-opening bell lists sukuk, bonds totalling $2.3b
Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, rang the market-opening bell at Nasdaq Dubai on Monday 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. 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.
Essa Kazim, governor of Dubai International Financial Centre, and chairman of Dubai Financial Market, 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, Vice- President, Prime Minister 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."
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