By:Agbi

It will be the first such issuance across the Middle East and North Africa region, aiming to address critical funding gaps related to UN sustainable development goals.

The blue bond aligns with DP World’s ocean strategy and long-standing decarbonisation and water goals, the UAE state-run Wam news agency reported.

These initiatives intend to advance the Paris Climate Agreement and the Kunming-Montreal global biodiversity framework goals.

“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 DP World group chairman and CEO Sultan bin Sulayem.

This blue bond will lay the foundation for the years to come, he added.

The issuance, which was arranged with the support of Citi, achieved the tightest spread in the bond or sukuk market for DP World, with a 99.6 basis points premium over US Treasuries.

The funds will support various projects, including sustainable marine transportation and port development, and marine ecosystem conservation and restoration.

Of the $1.5 billion it raised in 2023, DP World has allocated $1.17 billion to eligible green projects. Projects financed have cut more than 177 million kg of CO2 emissions by generating 866,686 kWh of renewable energy.