Clifford Chance advises on the largest ever IPO in the Middle East

The IPO opened on 4th November 2007, with the UAE retail offer closing on 15th November 2007 and the institutional offering closing on 20th November 2007.

This transaction represents a number of firsts for the Middle Eastern region. As well as being the largest IPO to date in the Middle East, the deal will be the biggest offering on DIFX and the first retail offering that the exchange has seen.

The IPO is also the first redemption of a convertible sukuk, following the issue by DP World's affiliate PCFC Development FZCO of US$ 3.5 billion Sukuk-al-Musharaka in early 2006, upon which Clifford Chance advised.

London-based US partner Michael Dakin comments: "This deal represents the continuation of a long relationship with DP World and the other Dubai World entities, having already worked on DP World's sukuk issuance and the establishment of DP World's global MTN programme and debut issuance of notes earlier this year. The IPO also triggers the redemption of the PCFC sukuk, on which we also advised, demonstrating the viability of this product. It has been a pleasure to have been involved in these deals, which are important to the company, as well as to the region as a whole."

Dubai-based partner Iain Hunter comments: "We are delighted with the success of this transaction, and with the fact that we have been able to break new ground in so many ways. It has been tremendously satisfying for Clifford Chance to be working alongside another global company at the forefront of innovation in the capital markets."

Mohammed Sharaf, Chief Executive Officer of DP World comments: "We were pleased to work with Clifford Chance on yet another significant transaction for DP World. Their deep understanding of our business and continued commitment to DP World greatly assisted in ensuring the IPO was a tremendous success."

Deutsche Bank, Merrill Lynch International, Millennium Finance Corporation Ltd and SHUAA Capital PSC were the joint global co-ordinators and joint lead managers for the listing.
The cross-border Clifford Chance team was led by Michael Dakin, Simon Sinclair, John Duncanson and Simon Thomas in London and Iain Hunter, Simon Clinton and James McCarthy in Dubai.