By Staff writer
Chairman of the China Construction Bank rings market opening bell to celebrate latest listing in Dubai
Guo You, chairman of the 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.
The listing by the Hong Kong branch of CCB, one of China’s biggest banks, underlines the country’s growing financial activities in the UAE and the wider region, a statement said.
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.
It is the second bond listing by the Hong Kong branch of CCB on Nasdaq Dubai under the bank’s $6 billion programme, following a $600 million bond that listed on the exchange in October 2016.
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... as we rapidly expand our regional financial footprint from our offices in the DIFC.”
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, the statement added.
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “Building on our substantial experience of welcoming successful listings from Chinese entities, we look forward to welcoming many more issuances from China in support of their capital raising requirements.”For all the latest market news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.