DP World issues $100m blue bond to fund sustainable marine transport projects

DP World, one of the world's biggest port operators, has issued a $100 million blue bond aimed at funding sustainable projects in marine transport, port infrastructure, marine pollution and water quality initiatives as it taps into growing investor demand for eco-friendly finance deals.

The five-year blue bond was priced at a spread of 99.6 basis points above US Treasuries, with a 5.25 per cent coupon rate, making it DP World’s tightest spread in the bond or sukuk market, a statement on Thursday said.

“We are increasingly working in regions where the ocean is being polluted, coastal biodiversity is being lost, and critical resources like water are becoming scarcer, posing significant threats to both nature and people," said Sultan bin Sulayem, DP World's group chairman and chief executive.

"This issuance represents DP World’s second foray into the sustainable financing capital markets highlighting our commitment to sustainability and demonstrates our approach towards sustainable business practices.”

DP World has pledged to achieve net-zero carbon emissions by 2050 through electrification and renewable energy investment. Of the $1.5 billion it raised last year, $1.17 billion has already been allocated to eligible green projects, it said.

Last October, DP World raised the money in a green sukuk issuance to fund its global decarbonisation projects, seeking to align its financing strategy with its sustainability efforts.

Projects financed though the sukuk have contributed to avoiding more than 177 million kg of carbon dioxide emissions, saving 466,057 MJ of energy and generating 866,686 kWh of renewable energy, the company said.

Of the $1.5 billion that DP World raised in 2023, $1.17 billion has already been allocated to eligible green projects. Photo: DP World

Blue projects

A blue bond is a debt instrument that companies, governments and development agencies issue to raise finance for marine and ocean-based projects that have long-term sustainability objectives and benefits.

They work like conventional bonds whereby an investor lends capital to the bond issuer who pays back the initial investment plus an interest rate every year until the end of the bond’s term.

DP World's blue bond, for which investment management firm T. Rowe Price Group was the key investor, will be used to fund a variety of eligible marine sustainability projects.

These include supporting research, development and procurement of alternative fuels and technology to reduce carbon emissions, and other sources of marine pollution in the maritime sector.

It also covers funding infrastructure upgrades to minimise environmental impacts, noise and air pollution for sustainable port developments.

DP World, which operates ports around the world from Buenos Aires to Hong Kong, pledged in 2021 to become a carbon neutral enterprise by 2040.

The blue bond will also cover the conservation and restoration of marine ecosystems to improve biodiversity. It could also fund initiatives to tackle waste and pollution in coastal and marine environments, as well as improvements to water quality and making sure communities have equitable access to water.

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What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

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In criminal cases, you can contact the police for additional support

UAE currency: the story behind the money in your pockets

UAE currency: the story behind the money in your pockets

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Company profile

Name: Steppi

Founders: Joe Franklin and Milos Savic

Launched: February 2020

Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year

Employees: Five

Based: Jumeirah Lakes Towers, Dubai

Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings

Second round raised Dh720,000 from silent investors in June this year

While you're here

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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)

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Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

WHEN TO GO:

September to November or March to May; this is when visitors are most likely to see what they’ve come for.

WHERE TO STAY:

Meghauli Serai, A Taj Safari - Chitwan National Park resort (tajhotels.com) is a one-hour drive from Bharatpur Airport with stays costing from Dh1,396 per night, including taxes and breakfast. Return airport transfers cost from Dh661.

HOW TO GET THERE:

Etihad Airways regularly flies from Abu Dhabi to Kathmandu from around Dh1,500 per person return, including taxes. Buddha Air (buddhaair.com) and Yeti Airlines (yetiairlines.com) fly from Kathmandu to Bharatpur several times a day from about Dh660 return and the flight takes just 20 minutes. Driving is possible but the roads are hilly which means it will take you five or six hours to travel 148 kilometres.