DP World lists $1.2b sukuk on Nasdaq Dubai

28/06/2016 02:05 AST

Sultan Ahmed bin Sulayem, Group Chairman and CEO of global trade enabler DP World, rang the market-opening bell on Monday to celebrate the listing on Nasdaq Dubai of a $1.2 billion sukuk. The listing by DP World reinforces Dubai's status as the global leader for Islamic bond listings, with a total nominal value of $44.56 billion.

The bell-ringing ceremony was held in the presence of Essa Kazim, Governor of Dubai International Financial Centre, or DIFC, secretary-general of Dubai Islamic Economy Development Centre, or DIEDC, and chairman of Dubai Financial Market, or DFM; Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; and Hamed Ali, chief executive of Nasdaq Dubai.

Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, said: "As the international financial exchange serving the Middle East, Nasdaq Dubai is an excellent listing venue to support the global visibility of our sukuk. Our issuance received strong investor demand from around the world, including the US and Europe as well as our own region, underlining the market's confidence in our continuing development and growth as a leading trade enabler connecting marine and inland terminals, free zones and logistics for the benefit of economies around the world."

"Our sukuk listing fits with the vision of our leaders to position Dubai as the capital of the Islamic Economy globally. The demand for it illustrates the positive outlook on our strategic growth and confidence in the strength of our global network across six continents."

Kazim, said: "DP World's decision to choose Nasdaq Dubai for its listing highlights the growth of the sukuk sector in the emirate, accelerating the expansion of Dubai as the global Capital of Islamic economy. Dubai provides unrivalled expertise across all aspects of Sukuk activity."

DP World's sukuk listed on Nasdaq Dubai on June 1, 2016 and it is the company's fourth debt listing on the exchange. Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: "Our Islamic capital markets framework is purpose built to support leading companies such as DP World that require a high profile platform for their securities, within a robust regulatory environment. We look forward to welcoming many more UAE, regional and international Sukuk issuers as the sector continues to expand as an attractive tool for enterprises to raise capital."

Hamed Ali, chief executive of Nasdaq Dubai, said: "This listing by one of Dubai's most prominent international enterprises reflects the Emirate's continuing expansion as a hub for attracting investors from around the world. Nasdaq Dubai will further enhance its listing infrastructure and procedures, to ensure streamlined access to the exchange for issuers of diverse asset classes and continuing support for them after listing."

Khaleej Times