Zhang Honglin, Chairman of Yinchuan Tonglian Capital Investment Operation Company of China rang the market opening bell today to celebrate the listing of a US$300 million bond on Nasdaq Dubai, the international exchange serving the Middle East.

The listing by Tonglian underlines the expanding economic and capital markets ties between China and the UAE and the wider Arab world. The proceeds of the bond issuance will be used for general corporate purposes including construction of Binhe New District Industrial Park in Yinchuan, which last month hosted the annual China-Arab States Expo trade exhibition.

Tonglian is preparing to increase its activities in sectors including municipal infrastructure projects, transport, affordable housing, water supply and cultural assets in Yinchuan, the capital of Ningxia province, which has a substantial Muslim population.

The bell-ringing ceremony was attended by Essa Kazim, Governor of Dubai International Financial Centre, DIFC, and Chairman of Dubai Financial Market, DFM, as well as Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, and Hamed Ali, the exchange's Chief Executive.

Bilateral trade between China and the UAE reached a total of AED170.2 billion in 2016, making China the UAE’s biggest trading partner, according to the UAE Ministry of Economy.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said, "Since our first bond listing from China in 2014, we have worked successfully to establish Nasdaq Dubai as the region’s leading listing venue for Chinese institutions. We are delighted to provide an effective platform to raise the visibility of Chinese entities as they raise their profile and extend their business relationships across the Middle East and beyond."

Eight bonds from Chinese institutions with a total value of $4.26 billion are currently listed on Nasdaq Dubai.