Conyers represents DP World

The Dubai office of Conyers Dill & Pearman advised DP World on the recent establishment of a sukuk program comprising up to USD3 billion of sukuk certificates to be listed on the Nasdaq Dubai securities exchange in the Dubai International Financial Centre and the London Stock Exchange, as well as the successful first drawdown of USD1.2 billion thereunder. The certificates were issued by DP World Crescent Limited, an exempted company incorporated in the Cayman Islands, and Conyers acted as Cayman Islands legal counsel, working alongside Clifford Chance LLP as international legal counsel to DP World. Linklaters LLP advised the joint lead managers and bookrunners, who included Citigroup, Dubai Islamic Bank, Deutsche Bank, HSBC, Barclays, Emirates NBD, First Gulf Bank, J.P. Morgan Securities, National Bank of Abu Dhabi and Société Générale.

Fawaz Elmalki and Oliver J. Simpson of Conyers’ Dubai office advised on the matter. Elmalki commented, “This transaction demonstrates the strength of our Islamic finance and debt capital markets capabilities in the Middle East and North Africa. It is a significant transaction for DP World and is viewed within the local market as being in line with the Ruler of Dubai’s stated aim of positioning Dubai as the capital of the global Islamic economy.”