Nasdaq Dubai has listed a $500-million bond issued by Industrial and Commercial Bank of China (ICBC), the world’s largest bank by assets, the first ever by ICBC in the Middle East.

Zhou Xiaodong, general manager of the Dubai (DIFC) Branch of ICBC today (June 8) rang the market-opening bell to celebrate the listing.

The bell ceremony took place in the presence of Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, chairman of Nasdaq Dubai; and Hamed Ali, chief executive of Nasdaq Dubai.

Xiaodong 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.”

“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,” said Kazim.

The total nominal value of all conventional bonds listed on Dubai’s exchanges has reached $11.32 billion, the largest total of any exchange in the region.

Al Fahim 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.” – TradeArabia News Service