The world’s largest bank by assets—the Industrial and Commercial Bank of China (ICBC)—listed two bonds with a total value of $1 billion on Nasdaq Dubai, the international financial exchange in the Middle East, on Thursday.
The two bonds valued at $500 million dollars each bring the total value of all bonds listed on Nasdaq Dubai by ICBC to $4.5 billion from nine cumulative issuances. This is the highest value of conventional bond listings on the exchange by any overseas issuer. All the bonds were issued by the ICBC Dubai (DIFC) branch, which is led by the branch’s General Manager and Chairman of ICBC Middle East, Zhang Junguo.
Junguo was recognized as one of the “Top Regional Executives Heading Global Companies” at the Forbes Middle East’s annual Global Meets Local gala on Wednesday. The executive has served 20 years at the company and two years in his current role.
Under his leadership, ICBC’s MENA operations in 2018 witnessed a steady development with its total assets recording a 6% increase to $28.5 billion. In February 2018, ICBC arranged the first sovereign Panda Bond issue in the GCC region as joint bookrunner.
The institution is an active player in the GCC financial market. As mandated lead arranger and bookrunner, the Dubai branch successfully arranged a $1.5 billion syndicated loan to finance the construction of a Dubai-based thermo-solar power project, which is the largest thermo-solar power plant in the world.
Dubai Electricity and Water Authority (DEWA) and the Saudi Company ACWA Power, in collaboration with Shanghai Electric, will build the 700 MW CSP project in Dubai. The largest thermo-solar power plant in the world is set to save 2.4 million tons of CO2 and half a million tons of natural gas per year, eliminating the need to use foreign currency to import this gas by substituting it with clean and renewable energy.