Clifford Chance

Clifford Chance advises DP World on MENA region's first ever Blue Bond

Leading international law firm Clifford Chance has advised DP World Limited ("DP World") on a groundbreaking US$100 million Blue Bond to fund sustainable projects across marine transportation, port infrastructure, marine pollution, as well as nature and water positive initiatives. DP World is a leading enabler of global trade and an integral part of the global supply chain which operates multiple yet related businesses spanning marine and inland terminals, marine services, logistics and ancillary services and technology-driven trade solutions.

This milestone issuance marks the first Blue Bond issued by a company in the Middle East and North Africa, highlighting DP World's dedication to driving sustainability and resilience within the logistics sector and across the region. It is also the first corporate Blue Bond from the broader Central & Eastern Europe, Middle East, and North Africa region.

Aligned with DP World’s recently launched Ocean Strategy and its longstanding Decarbonisation and Water Strategies, the Blue Bond will meet the eligibility criteria in the sustainable blue economy and blue project categories, which include: (a) sustainable maritime transport; (b) sustainable ports; (c) marine renewable energy; (d) marine pollution; and (e) marine ecosystem management conservation and restoration. It further supports the objectives of the Paris Climate Agreement and the Kunming-Montreal Global Biodiversity Framework.

Clifford Chance's team was led by partner and Head of Middle East Capital Markets, Stuart Ure (Dubai) supported by Terrence Moloney (Counsel, Dubai), Pearl Mahaga (Senior Associate, Dubai), Saby Mahmud (Associate, Dubai) and Hafsah Akhtar (Trainee Solicitor, Dubai).

Clifford Chance Partner, Stuart Ure commented: "We are delighted to have advised DP World on the issuance of this landmark Blue Bond, the first corporate Blue Bond from the broader Central & Eastern Europe, Middle East, and North Africa region. This achievement underscores DP World's leadership in driving sustainability and innovation, leading the industry to develop a sustainable blue economy."

The Sole Manager appointed in respect of the issuance was Citigroup Global Markets Limited.

Consistently ranked Band 1 in legal directories, Clifford Chance was awarded 12 awards at the Bonds, Loans and Sukuk Awards 2024, 6 awards at the IFLR Middle East Awards 2024 and 10 awards at the Islamic Finance News Awards 2023.

Clifford Chance was also named Banking and Finance Law Firm of the Year at The Legal 500 MENA Awards 2024 and, UAE Banking & Finance Law Firm of the Year at the Chambers Middle East Awards 2024.