DP World has reaffirmed its commitment to sustainable operations by raising US$1.5 billion through a Green Sukuk to support its global decarbonisation efforts.

In a statement, DP World noted that the Sukuk — which was oversubscribed 2.3x due to strong demand from local, regional and international investors — is listed on both Nasdaq Dubai and the London Stock Exchange. 

DP World noted that the proceeds from the Sukuk will be earmarked for eligible green projects in line with DP World's recently published Sustainable Finance Framework.

Current projects cut across electrification, renewable energy, clean transportation and energy efficiency. 

Priced at a spread of 119.8 bps above US treasuries with a 5.5% coupon rate, DP World's Sukuk achieved one of the tightest spreads for a BBB+ rated corporate globally. 

"We aspire to lead global trade into a more resilient, efficient, and sustainable future for our customers and their customers. That's why we are acting with scale and ambition, using our hands-on expertise to reshape trade for the better," said Sultan Ahmed bin Sulayem, chairman and chief executive officer of DP World.

"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," he added.

Yuvraj Narayan, group deputy chief executive and chief financial officer said that the Green Sukuk amplifies the commitment of Maersk to placing sustainability at the heart of all its initiatives. 

"Through this issuance, we are able to further align our sustainability strategy and decarbonisation efforts with the Group’s financing strategy," Narayan added.

DP World’s current portfolio of green and sustainable assets is spread throughout the globe and runs through various elements of its diverse multi-functional business, all of which aim to make trade flow sustainably throughout the world. 

DP World said decarbonisation is a core focus for DP World, and the business has already committed to becoming carbon neutral by 2040 and net zero carbon by 2050.