China Construction Bank (CCB) on Wednesday rang the market-opening bell to celebrate the listing of a $1.2-billion bond on Nasdaq Dubai, the region’s international financial exchange. This marks the largest single listing by a Chinese bank on the exchange.

The listing by the Hong Kong Branch of CCB, one of China’s leading banks, underlines the country’s growing financial activities in the UAE and the wider region.

CCB’s market capitalisation reached $192.6 billion at the end of 2016, the fifth highest of any bank in the world, and it has branches and subsidiaries in 29 countries.

Guo You, the chairman of the board of supervisors of CCB rang the bell in the presence of Essa Kazim, the governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, the chairman of Nasdaq Dubai; Hamed Ali, the chief executive of Nasdaq Dubai; and senior China-based as well as Dubai-based representatives of CCB.

It is the second bond listing by the Hong Kong Branch of CCB on Nasdaq Dubai under the bank’s six billion US dollar Medium Term Note Programme, following a 600 million US dollar bond that listed on the exchange in October 2016.

On the CCB listing, You said: "The capital raised through our bond supports our growing commercial banking and other activities in the UAE, the Middle East and beyond, under the "Belt and Road" initiative."

"Nasdaq Dubai provides us with close links to investors around the world as well as a top class regulatory framework, as we rapidly expand our regional financial footprint from our offices in the DIFC," he added.

According to him, CCB’s total assets reached 21,695 billion yuan at the end of March 2017, up 3.49 per cent, from the end of 2016.

Kazim said Dubai was committed to expanding its economic links with China in order to support dynamic cross border business initiatives and promote mutual prosperity and development.

"The capital markets are one of the many areas in which our relationship is strengthening, and we will continue to enhance our exchange infrastructure to support the business needs of Chinese institutions" he noted.

Bilateral trade between the UAE and China rose to more than $50 billion in 2016, with China carrying out more trade with the UAE than any other nation.

Al Fahim said: "Building on Nasdaq Dubai's substantial experience of welcoming successful listings from Chinese entities, we look forward to many more issuances from China in support of their capital raising requirements."

"The exchange will continue to enhance its listing processes and framework in order to provide a responsive and efficient listing venue," he added.

Ali pointed out that as one of China’s largest and most prominent banks, with significant activities in the UAE and the wider region including loans, trade finance and other corporate banking services, CCB is a valued issuer on Nasdaq Dubai.

"We will further strengthen our ties with issuers from China as they expand their operations in the regions by offering a full range of pre- and post listing services in a supportive environment," he added.-TradeArabia News Service