Agricultural Bank of China lists $400 million bonds on Nasdaq Dubai, strengthening China-UAE ties
New bond listing highlights expanding economic ties and enhances Nasdaq Dubai’s fixed-income offerings
Nasdaq Dubai has announced the listing of a $400 million Floating Rate Note issued by the Agricultural Bank of China (DIFC Branch), marking the bank’s second bond listing on the exchange. This highlights the growing economic relationship between China and the UAE.
The $400 million bond, issued under the bank’s $15 billion Medium Term Note Program, is set to mature in 2027.
As one of China's "Big Four" banks, the Agricultural Bank of China (ABC) continues to expand its global presence, with this new issuance further enhancing Nasdaq Dubai’s fixed-income listings, bringing the total value of such listings to $135 billion.
A bell-ringing ceremony to commemorate the listing was attended by Ou Boqian, Consul-General of the People's Republic of China in Dubai, and Hamed Ali, CEO of Nasdaq Dubai and DFM.
Ou Boqian praised ABC’s contributions to advancing the Belt and Road Initiative (BRI) and expressed hopes for increased cooperation between China and the UAE, especially following the Joint Statement signed by both governments this May.
The Consul-General emphasized the role of Chinese financial institutions, like ABC, in driving investments and trade in BRI-related projects.
Hou Guifeng, CEO of ABC DIFC Branch, noted that the branch has strategically focused on supporting BRI projects in the Middle East and North Africa, particularly in sectors such as solar power, seawater desalination, aviation, and clean energy.
The issuance of BRI-themed bonds is expected to boost financial and business collaboration in the region.
Hamed Ali, CEO of DFM and Nasdaq Dubai, welcomed the $400 million listing and reaffirmed Nasdaq Dubai’s commitment to offering a robust platform for global issuers to connect with regional and international investors.
He expressed confidence in ABC’s continued success in international capital markets.
Popular
Spotlight
More from Business
Mobile phone production in Pakistan drops 8% in November
Total mobile phone demand in Pakistan to increase 44% to 32.9 million units in 2024
More from World
NASA solar probe to make its closest ever pass of Sun
Traveling at 430,000 mph, Parker Solar Probe endures temperatures nearing 1,700°F to study the Sun’s corona
Comments
See what people are discussing