LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Zhang Honglin, Chairman of Yinchuan Tonglian Capital Investment Operation Company (Tonglian) of China rang the market opening bell to celebrate the listing today of a 300 million US dollar bond on Nasdaq Dubai, the international exchange serving the Middle East.
The listing by Tonglian underlines the expanding economic and capital markets ties between China and the UAE and wider Arab world. The proceeds of the bond issuance will be used for general corporate purposes including construction of Binhe New District Industrial Park in Yinchuan, which last month hosted the annual China-Arab States Expo trade exhibition.
Tonglian is 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.
The bell-ringing ceremony was attended by His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM), as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, and Hamed Ali, the exchange’s Chief Executive.
Zhang Honglin, Chairman of Yinchuan Tonglian Capital Investment Operation Company, 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. As the region’s international exchange, Nasdaq Dubai provides us with excellent links to regional as well as global investors who wish to support our business and development activities in the Yinchuan area.
His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC) and Chairman of Dubai Financial Market (DFM), added:
Through its longstanding strategy of developing world class capital markets, Dubai is positioned to provide Chinese issuers with the well regulated and efficient listing infrastructure that they need to expand their capital-raising links with our region. Tonglian’s listing reflects the success of the UAE’s partnership with China for the mutual benefit of both nations and their peoples.
Bilateral trade between China and the UAE reached a total of AED 170.2 billion in 2016, making China the UAE’s biggest trading partner, according to the UAE Ministry of Economy.
Eight bonds from Chinese institutions with a total value of 4.26 billion US dollars are currently listed on Nasdaq Dubai.