Dubai-based global marine terminal operator DP World has won the ‘Deal of the Year 2016’ and ‘UAE Deal of the Year 2016’ awards by the Islamic Finance News (IFN) for the $1.2 billion 3.908 per cent seven-year Sukuk certificate issued in May 2016.

IFN, a global leading Islamic finance news provider, stated that the DP World Sukuk was the ‘Deal of the Year’ from nearly 40 other nominations, said a statement from the company.

The sukuk was commended for bringing new concepts into an established market with the first ever use of TEUs (twenty-foot equivalent units) containers as the underlying asset, it said.

IFN named DP World as the flagship business of Dubai and recognised further milestones of DP World’s Sukuk including the largest GCC corporate Sukuk tranche since 2014, the largest Central Eastern Europe Middle East and Africa (CEEMEA) corporate international debt issuance over the past 12 months and the largest non-public sector Sukuk issuance out of CEEMEA since 2015, it added.

DP World was also awarded the ‘Investment Grade Bond/Sukuk Deal of the Year’ at the 2016 Bonds, Loans & Sukuk Middle East Awards in December in Dubai, said a statement.

Organised by the GFC Media Group, the event is the only ceremony since 2010 to recognise and celebrate the best performers in the Middle Eastern, Conventional and Islamic Capital Markets, as voted by a panel of the most influential international investors in the banking and finance industry who collectively have over 1,000 years of relevant experience.

Sultan Ahmed Bin Sulayem, chairman and CEO, DP World Group, said: “We are delighted with these coveted awards, which show that the international financial community continues to recognise our pioneering efforts in the region’s capital markets.”

“I look forward to their continued support of our business in particular the strong demand for our sukuk, which is a clear sign of the economic fundamentals of Dubai and the UAE and the positive outlook on DP World’s growth trajectory,” he said.

“On the back of the new sukuk, we completed the first tender offer of its kind in the region and continue to set new benchmarks to further develop the sukuk market and position Dubai as the capital of the Islamic economy globally,” he added. – TradeArabia News Service