Dubai: Wang Hongbo, Executive Vice-President of China Foreign Exchange Trade System (CFETS), rang the market-opening bell to celebrate the listing of a $400 million bond issued by Industrial and Commercial Bank of China Dubai (DIFC) Branch, 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.
The bell ceremony took place in the presence of Eisa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Shen Jun, General Manager CFETS FX Market Department; Xu Lei, Chief Dealer, ICBC Head Office Global Market Department; and Zhou Xiaodong, General Manager of ICBC Dubai (DIFC) Branch; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.
“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,” Zhou Xiaodong, General Manager of ICBC Dubai (DIFC) Branch, said in a statement.
Trade between the UAE and China reached $54.8 billion in 2015, a 16 per cent annual increase over the previous six years.
ICBC’s $400 million bond listed on June 19 follows a $500 million bond listing by the bank in May 2015. Bond listings on Nasdaq Dubai by Chinese banks currently total $1.98 billion.
“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,” Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said.
