Supports its efforts to confront the effects of climate change and develop its activities locally and internationally
List of "green bonds" worth $ 1.2 billion for "Chinese Construction" on "Nasdaq Dubai"
The Consul General of the Republic of China in Dubai rang the stock exchange trading bell. From the source
The Consul General of the People’s Republic of China in Dubai, Li Shuhang, rang the opening bell of the NASDAQ Dubai market yesterday, to celebrate the listing of the China Construction Bank (green bonds) worth $ 700 million and $ 500 million ($ 1.2 billion), equivalent ($ 4.4 billion), respectively.
The stock exchange said in a statement yesterday that the proceeds of these two listings by the Hong Kong branch of the China Construction Bank will support the bank's efforts to confront the effects of climate change, while developing its commercial banking activities for companies and individuals at the local and international levels.
The $ 700 million bonds due in 2025 had a 1.25% interest rate, while the $ 500 million bonds due in 2023 had a 1% interest rate.
Li Shuhang said: “Recent years have strengthened cooperation between China and the UAE in various fields based on the continuous encouragement of the comprehensive strategic partnership between the two countries, and accordingly, the activities of Chinese banks in the UAE and the Dubai International Financial Center continue to grow. The listing of CBD's green bonds on Nasdaq Dubai is in line with the UAE's vision to support clean energy and a green economy. He added, "We hope to take advantage of this opportunity to continuously increase cooperation in the economic, commercial and financial fields."
For his part, Chief Executive Officer of the China Construction Bank branch at the Dubai International Financial Center, Yuan Shengrui, said: “The success of these bonds has reaffirmed the determination and commitment of the CCB to encourage innovation and development in green finance, and it also reflects investor confidence in the bank’s strategy and business.”
“Dubai’s unique location as a business and finance center in the region is a catalyst for the rapid development of economic ties with China, which promotes development and shared prosperity,” said Governor of the DIFC and Chairman of the Dubai Financial Market, Issa Kazim. The developed financial market infrastructure in Dubai also plays an important role in supporting the requirements of Chinese exporters to enhance the dynamic and productive activities locally and internationally. ”
“In addition to being the largest center in the Middle East for listing sukuk and bonds in US dollars, with a total value of $ 82.1 billion so far, Nasdaq Dubai has welcomed the issues listed in the currency (Renminbi) and other currencies,” said Chairman of Nasdaq Dubai, Abdul Wahid Al Fahim. Our flexible framework is designed to accommodate and serve a wide range of Chinese bond issuers, in addition to stocks and other securities. ”
The total of CCB's listings on Nasdaq Dubai reached four bonds, including an issue worth $ 600 million in 2016, and the second with a value of $ 1.2 billion in 2017. The recent bonds reinforce the bank’s growth, which reached 3.87 trillion in the end of March 2020. Dollars, up 6.5% from the end of 2019.
The total number of Chinese bond issues on the Stock Exchange since 2014 has reached 19, worth $ 11.3 billion.
54.6 billion dirhams
Since the beginning of this year, the value of sukuk and bonds listed on Nasdaq Dubai has reached $ 14.85 billion (54.6 billion dirhams), which is higher than any value recorded during the same period in all previous years, an increase of 58%, compared to $ 9.4 billion that Registered in the same period last year.