Nasdaq Dubai Celebrates DP World’s $1.5 Billion Green Sukuk Listing
[ad_1]
Nasdaq Dubai has welcomed the listing of a Green Sukuk valued at $1.5 billion by DP World, a leading provider of end-to-end global supply chain solutions. Proceeds from the issuance of dual-listed Sukuk will be allocated to eligible green projects, according to the company’s recently released report. Sustainable Finance Framework covering electrification, renewable energy, clean transportation and energy efficiency.
Today, Nasdaq Dubai It has a significant total debt value, which currently amounts to $120.95 billion. Within the broader spectrum of ESG-classified emissions, the total value reaches $25.45 billion, with Nasdaq Dubai’s green emissions alone accounting for $17.55 billion. In particular, DP World’s listing issuance has played an important role in raising Nasdaq Dubai’s total Sukuk listings to an impressive $79 billion, enhancing Dubai’s financial position on the global stage. .
To commemorate the successful listing, Sultan Ahmed bin Sulayem, Chairman and CEO of DP World, and Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) rang the bell at the market opening ceremony at Nasdaq Dubai.
The 10-year Green Sukuk attracted significant investor interest with an order book of $3.4 billion from local, regional and international investors. Backed by strong credit ratings – Moody’s (Baa2/Stable) and Fitch (BBB+/Stable) – and strong ESG ratings from Sustainalytics (“Negligible risk”), CDP (A- leadership) and MSCI (B), the Sukuk was priced with a spread of 119.8 basis points above US Treasuries with a 5.5% coupon rate, achieving one of the tightest 10-year spreads for a BBB-rated corporate issuer of the Central and Eastern Europe, Middle East and Africa (CEEMEA) region.
Sultan Ahmed bin Sulayem, Chairman and CEO of DP World Group, saying,
“We aspire to lead global trade towards a more resilient, efficient and sustainable future for our clients and their customers. That’s why we are acting with scale and ambition, using our practical experience to improve trade. The price we achieved for this Green Sukuk is phenomenal and represents the trust investors have in DP World as a company and our commitment to sustainability.”
Hamed Ali, CEO of Nasdaq Dubai and DFM, saying,
“We are delighted to commemorate the milestone listing of DP World’s Green Sukuk on Nasdaq Dubai. This significant achievement not only underlines the strength and attractiveness of Dubai’s capital market, but also highlights the growing demand for Islamic green financial instruments in the region. Nasdaq Dubai remains dedicated to fostering innovation and promoting the growth of the UAE financial market and the region’s efforts towards sustainability, and we are proud to offer a wide range of investment products. We extend our sincere support to DP World and the Group’s commitment to sustainability.”
Yuvraj Narayan, Deputy Group CEO and CFO of DP World, aggregate,
“Our Green Sukuk amplifies our commitment to putting sustainability at the center of everything we do, ensuring we are able to create real social and economic change. “Through this issuance, we can further align our sustainability strategy and decarbonization efforts with the Group’s financing strategy.”
In particular, the total value of the sukuk listed in DP WorldThe US$5 billion trust certificate issuance program has reached US$4 billion, including this issuance. At COP27 last year, DP World announced decarbonisation as a core focus, committing to becoming carbon neutral by 2040 and net zero carbon emissions by 2050.
News source: Emirates News Agency
[ad_2]
