DP World, one of the world's biggest port operators, has issued a $100 million blue bond aimed at funding sustainable projects in marine transport, port infrastructure, marine pollution and water quality initiatives as it taps into growing investor demand for eco-friendly finance deals.
The five-year blue bond was priced at a spread of 99.6 basis points above US Treasuries, with a 5.25 per cent coupon rate, making it DP World’s tightest spread in the bond or sukuk market, a statement on Thursday said.
“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 Sultan bin Sulayem, DP World's group chairman and chief executive.
"This issuance represents DP World’s second foray into the sustainable financing capital markets highlighting our commitment to sustainability and demonstrates our approach towards sustainable business practices.”
DP World has pledged to achieve net-zero carbon emissions by 2050 through electrification and renewable energy investment. Of the $1.5 billion it raised last year, $1.17 billion has already been allocated to eligible green projects, it said.
Last October, DP World raised the money in a green sukuk issuance to fund its global decarbonisation projects, seeking to align its financing strategy with its sustainability efforts.
Projects financed though the sukuk have contributed to avoiding more than 177 million kg of carbon dioxide emissions, saving 466,057 MJ of energy and generating 866,686 kWh of renewable energy, the company said.
Blue projects
A blue bond is a debt instrument that companies, governments and development agencies issue to raise finance for marine and ocean-based projects that have long-term sustainability objectives and benefits.
They work like conventional bonds whereby an investor lends capital to the bond issuer who pays back the initial investment plus an interest rate every year until the end of the bond’s term.
DP World's blue bond, for which investment management firm T. Rowe Price Group was the key investor, will be used to fund a variety of eligible marine sustainability projects.
These include supporting research, development and procurement of alternative fuels and technology to reduce carbon emissions, and other sources of marine pollution in the maritime sector.
It also covers funding infrastructure upgrades to minimise environmental impacts, noise and air pollution for sustainable port developments.
DP World, which operates ports around the world from Buenos Aires to Hong Kong, pledged in 2021 to become a carbon neutral enterprise by 2040.
The blue bond will also cover the conservation and restoration of marine ecosystems to improve biodiversity. It could also fund initiatives to tackle waste and pollution in coastal and marine environments, as well as improvements to water quality and making sure communities have equitable access to water.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
The specs: 2019 Infiniti QX50
Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)
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%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EJames%20Cameron%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ESam%20Worthington%2C%20Zoe%20Saldana%2C%20Sigourney%20Weaver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
The biog
Name: Salem Alkarbi
Age: 32
Favourite Al Wasl player: Alexandre Oliveira
First started supporting Al Wasl: 7
Biggest rival: Al Nasr
Retail gloom
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
