Global ports operator DP World has raised $1.5 billion in a green sukuk issuance to fund its global decarbonisation projects as it seeks to align its financing strategy with its sustainability efforts.
The Islamic bond was oversubscribed 2.3 times amid "strong demand" from global investors and is listed on the Nasdaq Dubai and London Stock Exchange, DP World said in a statement on Thursday.
Proceeds from the sukuk will be earmarked for eligible green projects that include electrification, renewable energy, clean transportation and energy efficiency, the company said.
"We aspire to lead global trade into a more resilient, efficient, and sustainable future for our customers and their customers," Sultan bin Sulayem, group chairman and chief executive of DP World, said.
The green sukuk issuance will help the company further align its sustainability strategy, and decarbonisation efforts, with the group’s financing strategy, according to Yuvraj Narayan, group deputy chief executive and chief financial officer.
In May, DP World said it cut direct carbon emissions from its global operations by 5 per cent last year in pursuit of its target to become carbon neutral by 2040.
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 and achieve net zero carbon by 2050. It has also set an intermediate target of a 28 per cent reduction in its carbon footprint by 2030.
At the Cop27 summit in Egypt last November, the company pledged to invest up to $500 million to cut carbon emissions from its operations over the next five years.
On Thursday, DP World said its green sukuk was priced at a spread of 119.8 basis points above US treasuries.
"The price we achieved for this green sukuk is phenomenal and represents the confidence investors have in DP World as a company and our commitment to sustainability," Mr bin Sulayem said.
DP World said its 10-year green sukuk had a yield of 5.5 per cent.
The banks involved in the deal included Citigroup, Deutsche Bank, Dubai Islamic Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, JP Morgan Securities and Standard Chartered.
In its sustainable finance framework, DP World said its decarbonisation strategy cuts across five pillars: equipment electrification, process efficiency and digitalisation, renewable energy supply, low-carbon fuel supply and carbon compensation.
In 2022, the international shipping sector accounted for about 2 per cent of global energy-related carbon dioxide emissions, according to the International Energy Agency.
Steering the global maritime shipping sector onto a trajectory consistent with net zero emissions by 2050 requires an almost 15 per cent reduction in emissions from 2022 to 2030, the energy agency said.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
12%20restaurants%20opening%20at%20the%20hotel%20this%20month
%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
The specs: 2018 Mercedes-Benz GLA
Price, base / as tested Dh150,900 / Dh173,600
Engine 2.0L inline four-cylinder
Transmission Seven-speed automatic
Power 211hp @ 5,500rpm
Torque 350Nm @ 1,200rpm
Fuel economy, combined 6.4L / 100km
The biog
Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates
Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.
Favourite pastime: travelling and experiencing different cultures across the globe.
Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.
Favourite Movie: Mona Lisa Smile
Favourite Author: Kahlil Gibran
Favourite Artist: Meryl Streep
UAE currency: the story behind the money in your pockets
Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
