China's top bank ICBC becomes biggest bond issuer on Nasdaq Dubai

DUBAI - The Industrial and Commercial Bank of China (ICBC) became the biggest bond issuer on Nasdaq Dubai after listing two new bonds Tuesday, Dubai International Financial Center (DIFC) said.

The two fixed income securities, worth $700 million each, bring the total value of the ICBC listings on Nasdaq Dubai to $3.56 billion in seven issuances, noted the DIFC, the international exchange of the biggest financial free zone in the Middle East.

The ICBC, the world's largest bank by assets, set up its Dubai (DIFC) branch in 2008, which is the first branch set up in the Middle East by a Chinese bank.

"The listings underline the strong financial and economic relationship between Dubai and China, which is the largest trading partner of the United Arab Emirates," the DIFC said in a statement.

A day earlier, the DIFC said China's big four banks managed to increase their value of assets in the Middle East from $11 billion in 2014 to $33.4 billion in 2017.

All the four Chinese lenders, namely ICBC, China Construction Bank, Agricultural Bank of China and Bank of China, have their Middle East branches based in the DIFC.