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Dubai Ports lists bonds worth $3.25 bln
POSTED: 10:09 a.m. EDT, July 4,2007

Dubai Ports (DP) World, the world's third largest marine terminal operator, on Tuesday listed two bonds worth 3.25 billion U.S. dollars on the Dubai International Financial Exchange (DIFX), Emirates News Agency reported.

The bonds listed by DP World include a conventional bond worth 1.75 billion dollars and a 1.5-billion-dollar Islamic bond known as "sukuk", according to the report.

DP World's 30-year conventional bond and sukuk, which will become due in 2017, are priced respectively 1.15 percentage and 1.6 percentage points over U.S. Treasuries rates.

"Our listings on the region's international exchange give investors an assurance of high quality regulation while providing high visibility," Mohammed Sharaf, the Chief Executive of DP World, was quoted as saying.

DP World, which manages 42 terminals in 22 countries, currently owns a capacity of 48 million TEUs (twenty-foot equivalent container units).

The company plans to invest billions of dollars over the next few years in several countries including India, Turkey, Britain, Senegal, Peru and China. Its capacity is expected to increase to 84 million TEUs by 2016 when new terminals are ready.

From: xinhua
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