58UT Dp World 37

RNS Number:4601I
DP World Limited
26 November 2007


Before deciding to buy any shares you should (a) consult a financial adviser and
(b) ensure that you have read carefully the prospectus governing the offer. This
communication is not for distribution directly or indirectly in or into the
United States, Canada, Australia, Japan or any GCC country other than the UAE.


                             DP WORLD LISTS ON DIFX

Dubai, 26 November 2007: - Global marine terminal operator DP World has today
listed its shares on the Dubai International Financial Exchange (DIFX) following
a highly successful global initial public offering (IPO).

The DP World IPO was 15 times oversubscribed. The sole shareholder, Dubai World
subsidiary Port & Free Zone World (P&FZ World), offered twenty-three percent of
the shares of DP World, amounting to 3,818.0 million shares, comprising 3,245.3
million shares plus up to an additional 572.7 million shares available through
the greenshoe over-allotment option(1), to international institutional investors
and in the UAE to retail investors. A portion was also allocated to holders of
the PCFC convertible Islamic bond, or sukuk, that was issued in January 2006.

Including the greenshoe, the proceeds of the IPO amount to US$4.96 billion,
making it the largest IPO ever in the Middle East.

Chairman of Dubai World and of DP World, Sultan Ahmed Bin Sulayem, said at an
event to mark the listing:
"This is a proud and historic day for Dubai World, DP World and Dubai itself."

Commenting on the success of the IPO, Mr Bin Sulayem said:
"Investors have understood that DP World has a compelling story and is a unique
investment. I am particularly pleased that so many people from the UAE and the
GCC have been involved.

"Today as trading begins in DP World shares, we have an investor base of more
than 50,000 individuals and around 200 institutions. Excluding the PCFC sukuk
holders, around 40% of our investors have come from the region, with the other
60% mainly from Europe and the US. It is a solid investor base with a good
geographic spread."

Mr Bin Sulayem concluded:
"We would like to welcome our investors. DP World is committed to bringing value
to both its shareholders and its customers today and tomorrow."

Background Notes for Editors

DP World is the fourth largest marine terminal operator in the world by capacity
and throughput. The Company is also one of the most geographically diversified
container terminal operators. Its network of terminals had, in their ongoing
business, a gross capacity of 48.6 million twenty-foot equivalent units (''TEUs
'') as of December 31, 2006.  The Company generated gross throughput of 36.8
million TEUs and 20.3 million TEUs for the year ended December 31, 2006 and the
six months ended June 30, 2007, respectively.

DP World highlights include:
* a truly global portfolio of 42 terminals in 22 countries
* a significant bias towards handling the more stable and higher margin
  origin and destination (import/export) cargo, with only around a quarter of
  current volumes being transhipment cargo
* a pure play port operator with long term, stable business model
* the company is growing faster than the market; DP World volumes grew
  approximately 18% in 2006 compared with market growth of approximately 11%
* strong growth has continued into the first half of 2007
* strong pipeline of new projects and expansions expected to nearly double
  capacity to around 90 million TEU (twenty-foot equivalent container units) in 10
  years.

Financials
For the year ended December 31, 2006 and the six months ended June 30, 2007, DP
World generated Proforma Revenue from operations (not including revenue
attributable to its joint ventures and associates) of $2,076.0 million and
$1,209.0 million, respectively, and Proforma Adjusted EBITDA(2) of $705.3
million and $453.7 million, respectively.

Lead Managers
Deutsche Bank AG, Merrill Lynch International, Millennium Finance Corporation
Ltd and SHUAA Capital PSC are acting as Joint Global Co-ordinators and Joint
Lead Managers to the listing. The receiving banks for the UAE retail offer are
Mashreq Bank PSC, Emirates Bank, Abu Dhabi Commercial Bank and First Gulf Bank.
Mashreq Bank PSC is the lead receiving bank.


Enquiries:

DP World
Sarah Lockie, Head of Corporate Communications
Fiona Piper, Head of Investor Relations
Tel:       +971 4 8811110

Bell Pottinger
Tom Mollo                   Tel:       +971 (0) 50 550 4203
Elaine Boucher              Tel:       +971 (0) 50 422 9680

World View Communications
Sana Maadad
Tel:       +971 (0) 50 552 2610

Brunswick Group LLP
Jon Coles / Chris Blundell
Tel:       +44 (0) 20 7404 5959

Deutsche Bank AG
Iain Macleod
Managing Director, Head of Infrastructure EMEA

Christopher Laing
Managing Director, Head of GCC ECM

Melanie Saluja
Managing Director, Equity Capital Markets

Tel:       +44 (0) 20 7545 8000

Merrill Lynch International
Justin Anstee
Managing Director, Head of European Transport

Lorcan O'Shea
Director, Equity Capital Markets

Tel:       +44 (0) 20 628 1000

Millennium Finance Corporation Ltd
Alexandre Markarov
Managing Director, Investment Banking

Lachlan Davidson
Head of Legal

Tel:       +971 4 363 4200

SHUAA Capital PSC
Salam Saadeh
Managing Director, Investment Banking Group
Tel:       +971 4 319 9730

Makram Kubeisy
Managing Director, Investment Banking Group
Tel:       +971 4 319 9782

Clifford Chance
Michael Dakin
Partner

Tel: +44 20 7006 2856

John Duncanson
Senior Associate

Tel: +44 20 7006 1870

Linklaters
Jason Manketo
Partner

Tel: +44 20 7456 4654


This announcement has not been reviewed or approved by any regulatory authority,
including the UAE Central Bank, Emirates Securities and Commodities Authority
and/or the Dubai Financial Services Authority.  The purchase of shares in a
company involves financial risk. Before deciding to buy any shares and/or if you
do not understand the contents of this announcement, you should (a) consult a
financial adviser and (b) ensure that you have read carefully the prospectus
governing the offer. This announcement and the information contained herein is
not an offer of securities for sale in the United States (including its
territories and possessions, any State of the United States and the District of
Columbia).  The securities discussed herein have not been and will not be
registered under the US Securities Act of 1933, as amended (the "US Securities
Act"), and may not be offered or sold in the United States absent registration
or an exemption from registration under the US Securities Act.  No public
offering of the securities discussed herein is being made in the United States
and the information contained herein does not constitute or form part of any
offer or solicitation to purchase or subscribe for securities in the United
States, Canada, Australia, Japan or any GCC country other than the UAE.  This
announcement is not for distribution directly or indirectly in or into the
United States, Canada, Australia, Japan or any GCC country other than the UAE.
The shares will not be offered in any jurisdiction other than in compliance with
the applicable laws, rules and regulations governing the issue, offering and
sale of securities to the public. This announcement is only directed at (i)
persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000
(Financial Promotion) Order 2005, as amended (the "Order") or (iii) high net
worth entities, and other persons to whom it may lawfully be communicated,
falling within Article 49 (2)(a) to (d) of the Order (all such persons together
being referred to as "relevant persons").  The securities are only available to,
and any invitation, offer or agreement to subscribe, purchase of otherwise
acquire such securities will be engaged in only with, relevant persons.  Any
person who is not a relevant person should not act or rely on this announcement
or any of its contents. Any offer of securities to the public that may be deemed
to be made pursuant to this announcement in any EEA Member State that has
implemented Directive 2003/71/EC (together with any applicable implementing
measures in any EEA Member State, the "Prospectus Directive") is only addressed
to qualified investors in that Member State within the meaning of the Prospectus
Directive.

The Joint Global Coordinators and Joint Lead Managers are acting for DP World in
relation to the IPO and for no one else and will not be responsible to anyone
other than DP World for providing the protections afforded to their respective
clients nor for providing advice in relation to the IPO or the contents of this
document, the prospectus or any transaction, arrangement or matter referred to
herein.

This announcement includes forward-looking statements. The words ''anticipate'',
''believe'', ''expect'', ''plan'', ''intend'', ''targets'', ''aims'',
''estimate'', ''project'', ''will'', ''would'', ''may'', ''could'', ''continue''
and similar expressions are intended to identify forward-looking statements. All
statements other than statements of historical fact included in this
announcement, including, without limitation, those regarding our financial
position, business strategy, management plans and objectives for future
operations, are forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause our actual results, performance or achievements, or industry results, to
be materially different from those expressed or implied by these forward-looking
statements. These forward-looking statements are based on numerous assumptions
regarding our present and future business strategies and the environment in
which we expect to operate in the future.

This announcement does not constitute a recommendation concerning the IPO. The
value of shares can go down as well as up. Past performance is not a guide to
future performance. Potential investors should consult a professional advisor as
to the suitability of the IPO for the individual concerned.


  Not for distribution, directly or indirectly, in or into the United States,
        Canada, Australia, Japan or any GCC country other than the UAE.


--------------------------

(1) An option granted by the company to its banking advisers to buy an
additional percentage of the IPO shares at the offering price for a period of 30
days after the offering. This option is called the "greenshoe".

(2) Adjusted EBITDA is defined as the sum of profit after tax from continuing
operations, plus finance costs (net of finance income), income tax, depreciation
and amortisation, further adjusted to remove the impact of separately
disclosable items.



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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