DP World lists $1.5bn sukuk on Nasdaq Dubai
Now Reading
DP World lists $1.5bn sukuk on Nasdaq Dubai

DP World lists $1.5bn sukuk on Nasdaq Dubai

The capital raised by the sukuk will be used for general corporate and growth purposes including refinancing debt

Avatar
DP World

Dubai-based global port operator DP World has listed a $1.5bn sukuk on Nasdaq Dubai.

DP World’s $1.5bn perpetual sukuk was listed on the exchange on July 1, said a statement issued by Nasdaq Dubai on its website.

The logistics company will use the capital raised by the sukuk for general corporate and growth purposes, including refinancing debt.

DP World is the largest UAE debt issuer on the exchange. Its sukuk and conventional bonds listings now total over $10bn.

“Our latest Sukuk received strong demand from regional and international investors, demonstrating their confidence in DP World’s global business activities and growth strategy and enabling us to achieve competitive pricing,” said Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, who rang the opening bell on Wednesday.

Dubai is among the largest global centres for sukuk listings by value, currently totaling $72.59bn.

There are 14 sukuks listed on Nasdaq Dubai this year, double that which were listed in the corresponding period last year.

“This listing by DP World underlines the very strong activity that we are seeing in the sukuk sector as we significantly expand our outreach to issuers. The value of new sukuk listings so far this year on the exchange has risen to $11.4bn, higher than in any previous year during the same period, and up 80 per cent from $6.35bn in the same period last year,” said Abdul Wahed Al Fahim, chairman of Nasdaq Dubai.

Recent listings on the exchange include three sukuk listed by the Indonesian government valued at $2.5bn, which will be used to fund the country’s economic and social development, and which were oversubscribed nearly 6.7 times.

Read: Indonesia lists three sukuk valued at $2.5bn on Nasdaq Dubai

Last month, Saudi Arabia’s Islamic Development Bank (IsDB) listed a $1.5bn sukuk on Nasdaq Dubai which was the first ever AAA-rated sustainability sukuk in addition to being the first Covid-19 related sukuk in the global capital markets, as the capital raised from it will be used to support relief measures among the bank’s 57 member countries.

Read also: Saudi’s Islamic Development Bank lists $1.5bn sustainability sukuk on Nasdaq Dubai

Also last month, Dubai Islamic Bank (DIB) listed a $1bn sukuk on the exchange which was nearly 4.5 times oversubscribed.

Read more: Dubai Islamic Bank lists $1bn sukuk on Nasdaq Dubai

You might also like


© 2021 MOTIVATE MEDIA GROUP. ALL RIGHTS RESERVED.

Scroll To Top