Nasdaq Dubai has welcomed the listing of multi-currency green bonds with a total value of $713 million, issued by the Industrial and Commercial Bank of China Limited, ICBC, in a new step that reflects the bank’s growing presence in Dubai’s capital markets and supports the emirate’s position as a global center for sustainable finance.

The bonds were issued by the bank’s Dubai branch at the Dubai International Financial Centre under ICBC’s $20 billion Global Medium Term Note Program, under the theme “China-Arab Cooperation in Renewable Energy.”

Two Tranches in US Dollars and Chinese Yuan

The issuance consists of two tranches denominated in different currencies. The first includes $300 million in three-year floating-rate notes priced at the Secured Overnight Financing Rate, SOFR, plus 35 basis points.

The second tranche consists of fixed-rate notes worth RMB 2.8 billion, equivalent to approximately $413 million.

The multi-currency issuance reflects Nasdaq Dubai’s ability to attract diverse international debt offerings while further strengthening links between capital markets in China, the region, and the wider global market.

Financing Renewable Energy and Sustainability Projects

Proceeds from the green bonds will be directed toward financing projects related to carbon neutrality, renewable energy, and sustainable infrastructure, supporting the continued expansion of green financing solutions and environmentally positive projects.

The listing also reinforces Dubai’s position as a leading international hub for fixed-income issuances and global capital flows at a time when investor interest in sustainability-linked financing instruments continues to grow.

Strong Investor Demand for the Issuance

The issuance attracted strong demand from international and regional investors across both tranches, highlighting growing confidence in sustainable financing instruments listed on Nasdaq Dubai.

Orders for the US dollar-denominated tranche exceeded the issuance size by 3.8 times, with the order book reaching approximately $1.2 billion.

Meanwhile, subscriptions for the Chinese yuan tranche exceeded the issuance size by more than 3.5 times, with the order book reaching around RMB 10 billion.

The strong demand reflects investors’ growing interest in green debt instruments, as well as continued confidence in ICBC’s issuances and Nasdaq Dubai’s presence in international markets.

ICBC Bonds Listed on Nasdaq Dubai Rise to $4.24 Billion

Following the new listing, the total value of ICBC’s outstanding bonds listed on Nasdaq Dubai has reached $4.24 billion across four issuances.

To mark the occasion, H.E. Zhang Yiming, Ambassador of the People’s Republic of China to the United Arab Emirates, rang the market-opening bell at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, along with a number of senior officials from both sides.

ICBC Reaffirms Its Commitment to Green Finance

Liu Hua, General Manager of the Industrial and Commercial Bank of China Dubai Branch at the Dubai International Financial Centre, said: “The successful listing on Nasdaq Dubai of the multi-currency green bonds issued by the bank’s Dubai branch at the Dubai International Financial Centre under the theme ‘China-Arab Cooperation in Renewable Energy’ reflects the bank’s confidence in and commitment to the UAE capital market. As one of the pioneers in green finance, the bank has made a tangible contribution to supporting environmental sustainability by providing green financing solutions, particularly within the framework of the Belt and Road Initiative. With the total value of its outstanding bonds listed on Nasdaq Dubai reaching $4.24 billion, the bank reaffirms its strategic vision and commitment to supporting sustainable and environmentally friendly development globally.”

The move reflects the bank’s continued expansion in sustainable finance and its ability to benefit from Dubai’s position as a key link between regional and international markets, while also strengthening financial cooperation between China and the United Arab Emirates.

Dubai Continues to Strengthen Its Presence in Sustainable Finance Markets

Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, said: “The listing of Industrial and Commercial Bank of China’s multi-currency green bonds reflects the continued connectivity between China and global capital markets and reinforces Dubai’s role as a leading global hub for attracting international capital and sustainable finance. The strong demand for both the US dollar and Chinese yuan tranches underscores the growing interest of international investors in sustainable financing instruments listed through Nasdaq Dubai. We look forward to continuing our cooperation with the bank in expanding its sustainable presence globally.”

The listing comes as Dubai’s debt capital market continues to expand, with green and sustainable issuances playing a growing role in attracting new segments of international investors.

Listed Debt Instruments Exceed $143.9 Billion

Following the latest listing, the total outstanding value of debt instruments listed on Nasdaq Dubai has exceeded $143.9 billion.

This includes $98.4 billion in sukuk and $45.4 billion in bonds, while the value of environmental, social, and governance-related issuances listed on the exchange stands at approximately $27.5 billion.