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DP World lists $1.5bn perpetual Sukuk on Nasdaq Dubai

DP World lists $1.5bn perpetual Sukuk on Nasdaq Dubai
This listing is DP World’s inaugural perpetual issuance

Dubai - Mubasher: DP World has rung the market-opening bell to celebrate the listing of $1.5 billion perpetual Sukuk on Nasdaq Dubai, according to a press release on Wednesday.

Proceeds from the Sukuk issuance will be utilised for general corporate and growth purposes including refinancing debt.

This listing, which is DP World’s inaugural perpetual issuance, is the largest outstanding emerging markets US dollar corporate subordinated hybrid and the largest hybrid Sukuk offering.

Known as the largest UAE debt issuer on Nasdaq Dubai, DP World has $10 billion worth of Sukuk and conventional bonds listing on the exchange.

The group chairman and CEO of DP World, Sultan Ahmed Bin Sulayem, said: "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."

Meanwhile, the chairman of Nasdaq Dubai, Abdul Wahed Al Fahim, commented: "The value of new Sukuk listings so far this year on the exchange has risen to 11.4 billion US dollars, higher than in any previous year during the same period, and up 80% from 6.35 billion US dollars in the same period last year."