Industrial and Commercial Bank of China (ICBC) rings market bell to celebrate listing of a 500 million dollar bond on Nasdaq Dubai
• Listing by world’s largest bank underlines Dubai’s successful growth as a global financial centre
• Bond supports expansion of ICBC’s activities in Middle East and beyond
Zhou Xiaodong, General Manager of the Dubai (DIFC) Branch of Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, today rang the market-opening bell to celebrate the listing of a 500 million US dollar bond on Nasdaq Dubai.
The listing, the first ever by ICBC in the Middle East, underlines Dubai’s successful growth as a global financial centre. As the international exchange serving the region, Nasdaq Dubai provides an excellent listing venue for Chinese businesses that are active in the region and beyond.
Zhou Xiaodong, General Manager of ICBC, Dubai (DIFC) Branch, said: “Our listing on Dubai’s international financial exchange promotes the global visibility of our bond, which received strong interest from investors in the region as well as Asia and Europe. Our decision to raise capital in the Middle East underlines our growing commitment to the region as we expand our operations and further strengthen our commercial links with a growing number of business participants.”
His Excellency Essa Kazim, Governor of DIFC and Chairman of DFM, said: “Dubai’s growing capital markets links with China underline the Emirate’s role as a successful international financial centre that attracts participation from around the world. This substantial listing by ICBC reinforces the expanding role of Dubai as a centre for activity by Chinese companies, supporting the valuable contribution that they are making to international economic development and wealth creation.”
The total nominal value of all conventional bonds listed on Dubai’s exchanges has reached 11.32 billion US dollars, the largest total of any exchange in the region.
Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “The exchange is committed to further strengthening the capital markets connections between our region and Asia as well as the rest of the world. Nasdaq Dubai’s close links with international and regional investors, combined with our first class regulation and infrastructure, provide excellent opportunities for all market participants.”
Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Nasdaq Dubai looks forward to welcoming further listings from China in a range of asset classes as we respond to the increasing interest in our market being shown by potential issuers. The exchange is well placed to support the rapidly growing activities of a range of Chinese businesses active in diverse industry sectors.”
The listing of ICBC’s 500 million US dollar bond on Nasdaq Dubai took place on May 27, 2015.