Nasdaq Dubai recently announced the listing of $400 million floating rate notes by the Agricultural Bank of China (DIFC branch). This marks the bank’s second bond listing on Nasdaq Dubai and comes as China and the UAE further deepen their economic ties. The $400 million note, issued under the $15 billion medium term note program, is due in 2027. Notably, the Agricultural Bank of China (ABC) is one of the big four banks in China.
“As the premier global hub for international bond listings, the exchange is committed to providing an innovative and robust platform for global issuers to access regional and international investors. We look forward to supporting ABC in their continued growth and success in the international capital markets,” stated Hamed Ali, CEO of DFM and Nasdaq Dubai.
Advancing the Belt and Road Initiative
The new issuance reflects the Agricultural Bank of China’s strategic expansion into global markets. Moreover, it enhances Nasdaq Dubai’s fixed-income listing portfolio. The total value of outstanding fixed-income listings on Nasdaq Dubai now stands at $135 billion.
The bell-ringing ceremony took place in the presence of Ou Boqian, Consul-General of China in Dubai, and Hamed Ali.
Boqian praised the Agricultural Bank of China’s Dubai institutions for their achievements in advancing the Belt and Road Initiative (BRI). As the UAE and China celebrate the 40th anniversary of the establishment of diplomatic relations, Boqian also expected Chinese financial institutions in Dubai to actively implement the spirit of the joint statement that the two governments signed in May, raising financial momentum into BRI-related investments and trade projects.
China-UAE cooperation across key sectors
Boqian also emphasized the importance of enhancing China-UAE cooperation across various sectors and fostering deeper social bonds.
In recent years, the Agricultural Bank of China’s Dubai branch served both the UAE and the wider Middle East and North Africa region. With a focus on projects with Chinese elements, the branch has actively and steadily promoted the implementation of the Belt and Road Initiative. In addition, it took a significant part in the development of solar power generation, seawater desalination, aviation and shipping, and clean energy projects in the region.
The successful issuance of Belt and Road-themed bonds will further add financial momentum to the promotion of financial and business cooperation in this region.
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