A major Chinese investment company has listed a $300 million bond on Nasdaq Dubai, taking the total value of bonds from Chinese firms to more than $4 billion.
Following the listing by Yinchuan Tonglian Capital Investment Operation Company (Tonglian), Nasdaq Dubai has eight bonds from Chinese institutions with a total value of $4.26 billion.
The listing by Tonglian underlines the expanding economic and capital markets ties between China and the UAE and wider Arab world, a statement said.
It added that the proceeds of the bond issuance will be used for general corporate purposes including construction of Binhe New District Industrial Park in Yinchuan.
Tonglian is alsoo preparing to increase its activities in sectors including municipal infrastructure projects, transport, affordable housing, water supply and cultural assets in Yinchuan, the capital of Ningxia province, which has a substantial Muslim population.
Zhang Honglin, chairman of Tonglian, said: "Our bond listing on Nasdaq Dubai strengthens the close relationship that China enjoys with the UAE and other Arab countries in a range of activities, which includes capital-raising, investment and trade."
Bilateral trade between China and the UAE reached a total of AED170.2 billion in 2016, making China the UAE’s biggest trading partner, according to the UAE Ministry of Economy.
Abdul Wahed Al Fahim, chairman of Nasdaq Dubai, said: “Since our first bond listing from China in 2014, we have worked successfully to establish Nasdaq Dubai as the region’s leading listing venue for Chinese institutions. We are delighted to provide an effective platform to raise the visibility of Chinese entities as they raise their profile and extend their business relationships across the Middle East and beyond.”For all the latest business 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.
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