Port operator raises US$2.3bn for investment
A global port operator has raised US$2.3bn through bond listings in Dubai and will use the capital raised for debt refinancing and to fund growth opportunities with the goal of boosting its end-to-end logistics capability.
DP World’s listings, carried out during 2019, comprise two Sukuk of US$1bn and US$500m, and two conventional bonds of US$500m and US$300m.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “Our debt issuances this year were well received in the market by a wide variety of investors in the region and around the world, driven by attractive pricing, enabling us to achieve competitive pricing structures as we continue to execute our strategy to become a logistics solutions provider to end-cargo owners.
“Once again Nasdaq Dubai has provided valuable support for our issuances through its high global profile and close links to international and regional investors.”
DP World is the largest UAE debt issuer by value on the region’s international exchange, where its Sukuk and conventional bonds listings now total over 9 billion US dollars.
The port operator has continued to see steady business growth this year. This month alone its business activities have included signing an MoU with Namibia’s Nara Namib Free Economic Industrial Zone to develop a free economic zone for industry and logistics in Walvis Bay; while PortSynergy Group, its joint venture with Terminal Link, has been awarded the service concession for the construction and operation of berths 11 and 12 at Port 2000 in Le Havre.
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