Business

Dubai's DP World updates bond prospectus

Anna Nordqvist tees off at the Dubai Ladies Masters, with the marina skyline in the background
Image caption Dubai has experience some rocky economic times in the past few years

Dubai-based global ports operator DP World has produced an updated prospectus for a $5bn (£3bn)bond programme.

In October boss Mohammed Sharaf said the firm had $3bn available to fund expansion plans.

But he did not rule out going to the market to raise additional financing.

DP World is part of state-owned Dubai World, which last month signed up the last remaining creditor to a $23bn (£15bn) debt restructuring.

The move paved the way for Dubai government to raise $1.25bn from the international debt market.

Dubai World manages investments for the Emirate of Dubai, including the Dubai ports, foreign investments, and major real estate development such as the famous palm islands.

The updated prospectus says DP World, seen as one of the more healthy parts of Dubai World, had $8.04 billion in outstanding debt at the end of June 2010.

There has been a raft of new bond mandates from the Gulf Arab region recently.

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