Dubai Lists First Chinese Bond In Middle East
by Lorys Charalambous, Lowtax.net, Cyprus
24 September, 2014
On September 21, through the issuance of a RMB1bn three-year bond on NASDAQ Dubai, the Agriculture Bank of China (ABC), China's third largest bank by assets, became the first Chinese issuer to list a bond on an exchange in the Middle East.
After ringing the market opening bell to celebrate the listing, Min Fang, Senior Executive Officer of ABC's Dubai Branch, said: "As the region's international exchange, NASDAQ Dubai is the ideal venue to promote our visibility with investors based in the Middle East and neighboring countries. We intend to further build the presence of the Chinese currency across the region from our base in Dubai, in order to provide the best possible service to our customers and business partners and strengthen overall economic and financial cooperation between China and the region."
Essa Kazim, Governor of Dubai International Financial Centre and Chairman of Dubai Financial Market, added that, "as the economic and financial ties between China and the Middle East expand rapidly, Dubai is well placed to facilitate a continuing broadening and deepening of this important relationship."
"The Emirate's sophisticated financial infrastructure is available to promote an offshore RMB market serving the region and facilitate a range of transactions for the mutual benefit of Chinese and Middle East issuers and investors," he continued.
"The exchange is delighted to provide a platform to support the regional activities of ABC, as one of China's most prominent banks with an expanding footprint in MENA countries," Hamed Ali, Chief Executive of NASDAQ Dubai, said. "NASDAQ Dubai's high international profile is uniquely positioned to serve issuers from China as they increase their business presence in the region and we look forward to building new relationships with Chinese companies."
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