Dubai-based global marine terminal operator DP World's group chairman and CEO, Sultan Ahmed Bin Sulayem, today rang the market-opening bell to celebrate sukuk and bond listings totalling $3.3 billion on Nasdaq Dubai.

The listing comprises a 10-year $1 billion US dollar sukuk and three conventional bonds of 30 years $1 billion, eight years €750 million ($845.25 million), and 12 years £350 million ($452.18 million), respectively, said a statement from the company.

The four listings together amount to a value of about $3.3 billion. The deal sets new benchmarks for Middle East issuers, it said.

Amongst other highlights, this deal marks the largest bonds issue from the Middle East since 2014 and is the first triple currency offering from a Middle East issuer in the past 12 years, it added.

Bin Sulayem said: “We are delighted with the outcome of this funding exercise. The transaction was well received in the market with strong demand as evidenced in the attractive pricing.”

“Furthermore, this multi-currency multi-tenor issue was a first for this region and importantly it has allowed us to capture new investors across different formats and currencies,” he said.

The four listings, which took place on September 26, 2018, bring the total value of current debt listings by DP World on the region’s international exchange to $7.03 billion dollars from eight issuances, making the company Nasdaq Dubai’s largest UAE debt issuer by value.

Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “DP World’s multiple debt listings in Dubai highlight the capacity of the Emirate’s exchange infrastructure to support the capital raising needs of substantial global companies.”

“In particular DP World’s Sukuk listing advances the expansion of Dubai as the global Capital of Islamic economy under the initiative launched by HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minster and Ruler of Dubai,” he added.

Hamed Ali, chief executive of Nasdaq Dubai, said: “We are delighted to welcome DP World today as the first issuer to celebrate its listings at our new MarketSite event platform and media space, which is purpose built to provide companies and other entities with a high public profile and global visibility.”

“We look forward to welcoming many more regional and international issuers to MarketSite to celebrate their listings,” he added.

DP World’s latest Sukuk listing underlines Dubai’s role as the largest global centre for Sukuk listings by nominal value, currently totalling $60.4 billion, it stated. – TradeArabia News Service