The Chairman of the Board of Directors of Dubai Ports World and its CEO, Sultan Ahmed bin Sulayem, rang yesterday the opening of the Nasdaq Dubai market, to celebrate the group’s listing of $ 1.5 billion in permanent bonds, as the group intends to use the revenues of these bonds for general growth purposes, including re Debt financing.
According to a statement issued yesterday, this latest listing represents the largest hybrid institutional denomination denominated in US dollars in emerging markets, and the largest offering of hybrid instruments, which is the permanent opening version of DP World.
DP World is the largest UAE issuer of sukuk and bonds on the Nasdaq Dubai international exchange, the most prominent in the region, with its total bond and bond listing, to date, more than $ 10 billion.
Strong turnout
Bin Sulayem said: "Our recent listing achieved strong demand from regional and international investors, which highlights the extent of confidence in the global business activities of (DP World) and its growth strategy, and enables us to achieve competitive prices."
He added: «We are pleased to continue to strengthen the relationship of listing bonds and bonds between us and (NASDAQ Dubai), as it is the most prominent international stock exchange in the region, which provides our publications with a prominent global platform, and close relations with investors around the world.”
Expansion and growth
For his part, said the governor of the Dubai International Financial Center and the Secretary-General of the Dubai Center for the Development of Islamic Economy and Chairman of the Board of the Dubai Financial Market, Issa Kazim, “This important cooperation between the leading institutions in Dubai reflects the extent of their ability to benefit from the high level of expertise to reach Effective financing solutions that meet the needs of the stakeholders.
Kazim added that «the inclusion of the recent sukuk by (DP World), comes to confirm the continued expansion and growth of Dubai’s position as a global capital of the Islamic economy.
He pointed out that «the emirate is one of the largest global centers for listing Sukuk in terms of value, as its total value currently amounts to 72.59 billion dollars.
highest value
In turn, the Chairman of the Board, "NASDAQ Dubai", Abdul Wahid Al Fahim, said that "this listing by (DP World) highlights the strength of the activity, which we are witnessing in the Sukuk sector, in light of the great expansionary endeavors of our relations and communication with the issuing authorities, as it reached a value Sukuk listing on the stock market since the beginning of the year is $ 11.4 billion, which is higher than any value recorded in previous years, during the same period, and with an increase of 80%, compared to the value of the Sukuk listed in the same period last year ».
Al-Fahim added, "The number of Sukuk listings for this year has doubled to 14 listings, compared to seven listings in the same period last year."
Dubai Ports Praises US Decision on Hyperloop
"DP World" praised the decision of the US House of Representatives to pass legislation that opens the way for a regulatory framework for the safe use of express transport systems (Hyperloop), where it is expected that the American Council for Unconventional and Emerging Transport Technology (NETT) will be issued in the states United, guidelines in this regard, for the next six months.
In 2018, DP World launched the global brand "Cargoside" for the high-speed transportation of goods, in partnership with Virgin Hyperloop, to provide cargo transport systems using "Hyperloop" technology, which will facilitate the rapid, sustainable and effective delivery of goods worldwide on Pads.
“The American decision represents a clear vote of confidence that we are on the right track, with serious attention to the new technology, to support this innovation and move with it a major step,” said Sultan Bin Sulayem, Chairman and CEO of Dubai Ports World Group and Chairman of the Board of Directors of Virgin Hyperloop. Forward on the way to apply it on the ground ».
He added, "We aspire to revolutionize the trade and transport sectors in the region, by introducing an innovative system for the transportation of passengers and goods, based on (Hyperloop) technology."
11.4
One billion dollars, the value of Sukuk listings in "NASDAQ Dubai", since the beginning of 2020.
The listing strengthens Dubai's position as one of the world's largest centers for listing Sukuk, which has reached $ 72.59 billion .. until now.