Bell-ringing by CFETS reflects rapid growth of Dubai's financial relationship with China

Bond supports ICBC's strategic expansion across Middle East

Dubai, November 13, 2016 

Wang Hongbo, Executive Vice President of China Foreign Exchange Trade System (CFETS), today rang the market-opening bell to celebrate the listing of a 400 million US dollar bond issued by Industrial and Commercial Bank of China Dubai (DIFC) Branch, on Nasdaq Dubai. 

The listing is the second bond that ICBC has brought to the Middle East’s international financial exchange, underlining the expansion of the bank’s activities across the region as well as the growing financial relationship between Dubai and China.

The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM); Shen Jun, General Manager CFETS FX Market Department; Xu Lei, Chief Dealer, ICBC Head Office Global Market Department; and Zhou Xiaodong, General Manager of ICBC Dubai (DIFC) Branch; Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; and Hamed Ali, Chief Executive of Nasdaq Dubai.

Zhou Xiaodong, General Manager of ICBC Dubai (DIFC) Branch, said: “Our latest bond listing on Nasdaq Dubai demonstrates our growing commitment to the Middle East region, as we further develop our operations including trade and investment financing as well as lending facilities for Chinese and regional companies. ICBC will remain at the forefront of China’s burgeoning financial relationship with Dubai and the UAE, as the gateway to the wider MENA region.”

Trade between the UAE and China reached 54.8 billion US dollars in 2015, a 16% annual increase over the previous six years.

His Excellency Essa Kazim, Governor of DIFC and Chairman of DFM, said: “Overseas issuers can list in Dubai with global visibility in a well regulated environment, benefiting from the depth and breadth of the capital markets knowhow and connections that Dubai has developed. We are delighted to host ICBC’s listing as part of our growing partnership with China on a financial, commercial and cultural level.”

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Nasdaq Dubai is well placed to support the capital-raising activities of a range of Chinese businesses operating in diverse industry sectors. As the exchange expands as a platform where issuers and investors from around the world can meet, we are preparing the ground for further listings from China in a range of asset classes.”

Hamed Ali, Chief Executive of Nasdaq Dubai, said: “Nasdaq Dubai’s close links with regional and international brokers, combined with our first class pre- and post-listing infrastructure, continue to attract issuers of debt instruments from around the world. We will further enhance our listing procedures and processes to meet the requirements of all our issuers.”

ICBC’s 400 million US dollar bond listed on June 19, 2016. It follows a 500 million US dollar bond listing by the bank in May 2015. Bond listings on Nasdaq Dubai by Chinese banks currently total 1.98 billion US dollars. 


About Nasdaq Dubai
Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS).

The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake.  Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). Nasdaq Dubai is located in the Dubai International Financial Centre (DIFC).

About ICBC
Industrial and Commercial Bank of China Limited (ICBC) was established on 1 January 1984.On 27 October 2006, ICBC was successfully listed on both SSE and SEHK. Through its continuous endeavour and stable development, ICBC has developed into the top large listed bank in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. As at the end of September

2016, the Bank has established 417 institutions in 42 countries and regions and indirectly covered 20 African countries as a shareholder of Standard Bank Group. The bank's foreign agents now cover 95 percent of countries and regions that have business ties with China. In particular, ICBC has so far set up 127 branches in 18 out of 64 Belt and Road countries.

ICBC is the earliest Chinese bank to extend its operation in Middle East. In October 2008, ICBC Middle East Limited officially commenced business. In November 2013, ICBC Middle East Limited dissolved and ICBC Dubai (DIFC) Branch was established in its place. At present, ICBC Dubai (DIFC) Branch can provide an extensive range of services to local and overseas customers, forming a diversified and internationalized operating structure focusing on commercial banking business and maintaining a leading position in Chinese banks in UAE.

The CFETS, founded on April 18, 1994, is a sub-institution of the The People’s Bank of China (PBOC). Its main functions include: providing systems for FX trading, RMB lending, bond trading, and exchange rate and interest rate derivatives trading; organizing FX trading, RMB lending, bond trading, and exchange rate and interest rate derivatives trading; providing clearing, information, risk management, and surveillance services on interbank markets; and engaging in other businesses authorized by the PBOC.

© Press Release 2016