Chinese bank lists billion-dollar bond in Dubai

The Hong Kong branch of China Construction Bank has listed a $1.2 billion bond on the Nasdaq Dubai exchange in a sign of increasing cooperation between China and the UAE.

In a statement, the exchange said China now carried out more trade with the UAE than any other nation, with bilateral trade worth $50 billion last year.

“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,” said Guo You, chairman of the board of supervisors, China Construction Bank Hong Kong.

It is the second bond the bank has listed in Dubai, following a $600 million bond in October 2016.

“Dubai is committed to expanding its economic links with China in order to support dynamic cross border business initiatives and promote mutual prosperity and development,” said Essa Kazim, governor of the Dubai International Financial Centre.

©2017 funds global mena

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