ICBC lists $400m bond on Nasdaq Dubai
Listing seen as underlining the growing financial relationship between Dubai and China
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A $400-million bond issued by Industrial and Commercial Bank of China Dubai (DIFC) Branch has been listed on Nasdaq Dubai.
The listing is the second bond that ICBC has brought to the Middle East’s international financial exchange, underlining the expansion of the bank’s activities across the region as well as the growing financial relationship between Dubai and China.
Zhou Xiaodong, general manager of ICBC Dubai (DIFC) Branch, said: “Our latest bond listing on Nasdaq Dubai demonstrates our growing commitment to the Middle East region, as we further develop our operations including trade and investment financing as well as lending facilities for Chinese and regional companies. ICBC will remain at the forefront of China’s burgeoning financial relationship with Dubai and the UAE, as the gateway to the wider MENA region.”
Trade between the UAE and China reached $54.8 billion in 2015, a 16 per cent annual increase over the previous six years.
Essa Kazim, governor of DIFC and chairman of DFM, said: “Overseas issuers can list in Dubai with global visibility in a well regulated environment, benefiting from the depth and breadth of the capital markets knowhow and connections that Dubai has developed. We are delighted to host ICBC’s listing as part of our growing partnership with China on a financial, commercial and cultural level.”
Abdul Wahed al Fahim, chairman of Nasdaq Dubai, said: “Nasdaq Dubai is well placed to support the capital-raising activities of a range of Chinese businesses operating in diverse industry sectors. As the exchange expands as a platform where issuers and investors from around the world can meet, we are preparing the ground for further listings from China in a range of asset classes.”
Hamed Ali, chief executive of Nasdaq Dubai, said: “Nasdaq Dubai’s close links with regional and international brokers, combined with our first class pre- and post-listing infrastructure, continue to attract issuers of debt instruments from around the world. We will further enhance our listing procedures and processes to meet the requirements of all our issuers.” - TradeArabia News Service
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