Sultan Ahmed Bin Sulayem, Chairman of DP World, has rung the market-opening bell to celebrate the listing of a US$500 million conventional bond on Nasdaq Dubai.
DP World previously made the announcement that it expected to sell its bond issue for a guidance price of $500 million, with a spokesman for the company stating that this was not the actual price.
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 more than $11.8 billion.
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.”
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.”
The $500 million conventional bond is the third debt issuance that has been listed by DP World on Nasdaq Dubai, following a $1.75 billion conventional bond listed in 2007. DP World listed its shares on the exchange in the same year.
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