DP World is Gulf's new shining star in bond market

Dubai

A DUBAI-owned ports operator that has weathered slower global growth since the financial crisis has emerged as the Gulf's star performer in the bond market.

Buoyed by steadily improving finances and a credit-rating upgrade, state-controlled DP World Ltd's debt due in 2037 have handed investors a 21 per cent return this year as at Friday. It's the best performer among US dollar-denominated bonds of US$1 billion and more in the six-nation Gulf Cooperation Council (GCC).