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Sultan Ahmed bin Sulayem, Essa Kazim, Abdul Wahed Al Fahim, Mohammed Sharaf and Hamed Ali at the bell ringing to celebrate listing of $500 million bond by DP World on Nasdaq Dubai. Supplied photo
Dubai: Sultan Ahmed bin Sulayem, chairman of DP World, on Monday rang the market-opening bell to celebrate the listing of a $500 million bond on Nasdaq Dubai.
The listing by the global ports operator underlines Dubai’s expansion as an international centre for debt capital markets. The total nominal value of conventional bonds on Dubai’s exchanges has now reached $11.82 billion.
The bell ceremony took place in the presence of Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; Mohammed Sharaf, group chief executive of DP World; and Hamed Ali, chief executive of Nasdaq Dubai.
Sultan Ahmed bin Sulayem said: “As the international financial exchange based in our home region, Nasdaq Dubai is the ideal listing venue to support our visibility as we expand our business activities worldwide. Our success in raising capital using securities listed on the exchange, from investors located both in the Middle East and around the globe, plays an important role in our continued growth and development.”
The $500 million conventional bond is the third debt issuance that has been listed by DP World on Nasdaq Dubai, following a $1.5 billion Sukuk and a $1.75 billion conventional bond that both listed in 2007. DP World listed its shares on the exchange in the same year.
Essa Kazim said: “Dubai’s capital markets framework is designed to provide effective support to leading global companies such as DP World that seek a robust regulatory environment and an effective platform for their securities. The listing of this bond by Dubai’s international ports operator, on Dubai’s international financial exchange, reflects the emirate’s growing success in creating productive collaboration across a range of business sectors.”
Abdul Wahed Al Fahim said: “The exchange will maintain its strategy of increasing critical mass in the debt capital markets as well as promoting other asset classes. Through its commitment to innovation and best practice, Nasdaq Dubai is an efficient platform for issuers to raise capital and investors to benefit from exciting opportunities.”
Mohammed Sharaf said: “Our bond issue was received positively by the market, being 6 times oversubscribed and sold to investors across the US, Europe and Middle East. Nasdaq Dubai’s world-class market infrastructure and international profile provide significant support for the issuance.”
Hamed Ali said: “As we further develop our regional and international issuer base across a range of sectors, we will continually enhance our listing processes to respond flexibly to the evolving needs of market participants. We will also strengthen our post-listing services on behalf of DP World and other issuers, as well as investors.”
business@khaleejtimes.com
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