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- Listing by global ports operator underlines Dubai’s expansion as a centre for debt capital markets
- Bond supports company’s growth and development in Middle East and beyon
His Excellency Sultan Ahmed Bin Sulayem, Chairman of DP World, today rang the market-opening bell to celebrate the listing of a 500 million US dollar conventional 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 US dollars.
The bell ceremony took place in the presence of His Excellency 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.
His Excellency Sultan Ahmed Bin Sulayem, Chairman of DP World, 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 US dollar conventional bond is the third debt issuance that has been listed by DP World on Nasdaq Dubai, following a 1.5 billion US dollar Sukuk and a 1.75 billion US dollar conventional bond that both listed in 2007. DP World listed its shares on the exchange in the same year.
His Excellency Essa Kazim, Governor of DIFC and Chairman of DFM, 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, Chairman of Nasdaq Dubai, 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, Group Chief Executive of DP World, 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, Chief Executive of Nasdaq Dubai, 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.”
DP World’s 500 million US dollar conventional bond listed on Nasdaq Dubai on June 10, 2015.
