China's bank ICBC lists three bonds on Nasdaq Dubai

Updated 2017-05-24 17:00:28 Xinhua

Nasdaq Dubai said Wednesday in an e-mailed statement it welcomed the listing of three bonds issued by Industrial and Commercial Bank of China (ICBC) Dubai branch in the Dubai banking free zone DIFC.

ICBC, the biggest lender in China in relation to assets, listed two bonds of 400 million U.S. dollars and 300 million U.S. dollars respectively, as well as a bond of 500 million euros (about 559 million dollars).

The listings, the exchange said, "underline the expansion of the bank's activities across the region as well as the growing financial relationship between Dubai and China."

A total of five ICBC bonds are now listed on the exchange, following the listings of a 500 million dollar bond in May 2015 and a 400 million dollar bond in June 2016.

Since the establishment of diplomatic relations over 30 years ago, China-UAE bilateral trade has grown from 63 million dollars in 1984 to 54.8 billion dollars in 2014 and is estimated to reach 60 billion dollars by the end of 2016, according to UAE official data.

More than 4,000 Chinese firms operate in the UAE where over 300,000 Chinese citizens reside in. The UAE government supports China's strategic transcontinental Belt and Road Initiative.

ICBC was in October 2008 the first Chinese lender which set up a branch in the DIFC, the biggest financial free zone in the Middle East and North Africa. Nasdaq Dubai is a licensed market of the DIFC.

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