03 Jul, 2007DP World lists $1.75 billion bond and $1.5 billion sukuk on DIFX

First issuer to list both conventional and Islamic bonds on DIFX

DP World, the Dubai-based international ports operator, today listed a conventional bond worth $1.75 billion and a Sukuk (Islamic bond) of $1.5 billion on the Dubai International Financial Exchange (DIFX).

It is the first issuer to list both conventional and Islamic debt securities on the exchange.

Mohammed Sharaf, the Chief Executive of DP World, said: "Our listings on the region's international exchange give investors an assurance of high quality regulation, as well as providing high visibility. Our inaugural bond issues represent the continuing development of DP World as a truly international company."

Yuvraj Narayan, the Chief Financial Officer of DP World, said: "We have seen strong interest in the securities from investors around the world. Both issues have attracted a truly global subscriber base, which reflects the global nature of DP World's business."

The $1.75 billion bond, issued under a $5 billion Medium Term Note (MTN) programme, bring the total value of conventional bonds listed on the DIFX to $6.585 billion. The Sukuk brings the total of Sukuk on the DIFX to $11.93 billion, underlining the exchange 's status as the largest in the world for Sukuk by listed value.

Per E. Larsson, Chief Executive of the DIFX, said: As companies and government organisations in the Gulf region maintain high levels of activity and expansion., the outlook for new issues of conventional bonds and Sukuk is positive. We are in discussion with many other issuers about listing.

The Sukuk was issued by Dubai World Sukuk Ltd, which was created for the purpose by DP World.

The bond and Sukuk have been given credit ratings of A1 by Moody 's and A+ by Standard and Poor 's.

Hamed Ali, Executive Officer of the DIFX, said: The DIFX 's debt platform has developed into an active and expanding segment of our market. We also have further equities listings in the pipeline and will introduce a number of other asset classes.