DP World plans to use a newly listed $1.5 billion perpetual sukuk to grow and refinance growth, it said on Wednesday.
The sukuk marks the largest outstanding emerging markets US dollar corporate sukuk offering, and is DP World’s inaugural perpetual issuance.
DP World is the largest UAE debt issuer on Nasdaq Dubai, where its sukuk and conventional bonds listing now total over $10 billion.
“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 Sulayam, group CEO and CEO of DP World.
“We are delighted to further strengthen our debt listings relationship with Nasdaq Dubai as the region’s international exchange, which provides our issuances with excellent global visibility and close links to investors around the world.”
In a statement, Abdul Wahed Al Fahim, the chairman of Nasdaq Dubai, said that the value of sukuk listings on the exchange so far has risen to $11.4 billion, higher than any other year during the same period, and up 80 percent from $6.35 billion in the same period last year.
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