DP WORLD has raised US$1.5 billion through a green sukuk to support its decarbonisation efforts.

A sukuk is a financial certificate that is essentially a bond that is compliant with Islamic law.

DP World said the sukuk was was oversubscribed 2.3 times due to strong demand from local, regional and international investors. It is listed on both Nasdaq Dubai and the London Stock Exchange.

The company said the proceeds from the sukuk would be earmarked for eligible green projects in line with its Sustainable Finance Framework.

DP World group chairman and CEO Sultan Ahmed bin Sulayem said the company aspires 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,” he said.

“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.”

DP World group deputy chief executive and chief financial officer Yuvraj Narayan said: “Our Green Sukuk amplifies our commitment to placing sustainability at the heart of everything we do, ensuring that we are able to create real societal and economic change. Through this issuance we are able to further align our sustainability strategy, and decarbonisation efforts with the Group’s financing strategy.”

DP World’s current portfolio of green and sustainable assets is spread throughout the globe and runs through various elements of its business.

DP World has committed to becoming carbon neutral by 2040 and net-zero carbon by 2050.