DP World, the Dubai-based global logistics leader, has successfully priced a $1.5 billion sukuk with a 10-year tenor. The sukuk, issued at a profit rate of 5.5%, received strong market reception with final orders exceeding $3.3 billion. Priced at 145 basis points over US Treasuries, the issuance reflects strong investor confidence in DP World’s financial standing and long-term growth strategy.
Investor Demand Underscores Market Confidence
The sukuk will be issued by DP World Crescent Limited, a special purpose vehicle acting on behalf of the parent company. It is scheduled to settle on May 8, 2025, and will be listed on both Nasdaq Dubai and the London Stock Exchange. Importantly, the issuance falls under DP World’s $7.5 billion Trust Certificate Issuance Programme and follows a manafae structure. Proceeds from the deal will be used for general corporate purposes, providing the company with flexibility to support its strategic goals.
Currently, DP World Crescent has $5.5 billion in sukuk instruments outstanding, with maturities starting in 2028. The latest offering marks a continuation of the group’s strategy to diversify funding sources while maintaining stable access to global capital markets.
DP World enjoys robust credit ratings from leading agencies, with Moody’s assigning a Baa2 (stable) and Fitch rating it BBB+ (stable). Backed by the Government of Dubai, the company’s strong financial profile has played a key role in attracting broad-based investor interest. Moreover, the high level of oversubscription demonstrates growing appetite for quality Islamic finance instruments from the region.
Strategic Partnerships and Dubai’s Role in Islamic Finance
The transaction was led by an international consortium of bookrunners, including ADCB, Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, JP Morgan, Mashreq, Société Générale, and Standard Chartered. Their involvement helped widen the investor base and ensured the deal’s success.
By securing this sukuk, DP World reinforces Dubai’s position as a hub for Islamic capital markets. At the same time, it supports the emirate’s role in connecting global trade flows through reliable and innovative financial instruments.
As DP World continues expanding its infrastructure and logistics network, this successful sukuk issuance provides a strong foundation for its future plans.
