Eyeing global expansion, the Agricultural Bank of China took the first step to penetrate the Middle East and North Africa (MENA) region with the listing of one billion renminbi (US$163 million) bond on NASDAQ Dubai.

ABC, China's third largest bank by assets, is the first Chinese issuer to list a bond on an exchange in this region. It went public in 2010 in China, raising US$22 billion in what was then the world's largest initial public offering by value.

Min Fang, senior executive officer of ABC's Dubai branch, said: "Our decision to issue and list the renminbi bond in Dubai is an important step in our strategy of global expansion. As the MENA region's international exchange, NASDAQ Dubai is the ideal venue to promote our visibility with investors based in the Middle East and neighbouring countries. We intend to further build the presence of the Chinese currency across MENA from our base in Dubai, in order to provide the best possible service to our customers and business partners and strengthen overall economic and financial cooperation between China and the region."

The bank opened its first branch in the MENA region in the DIFC in 2013.

Essa Kazim, governor of Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM), said: "As the economic and financial ties between China and the Middle East expand rapidly, Dubai is well placed to facilitate a continuing broadening and deepening of this important relationship. The Emirate's sophisticated financial infrastructure is available to promote an offshore renminbi market serving the region and facilitate a range of transactions for the mutual benefit of Chinese and Middle East issuers and investors."

Abdul Wahed Al Fahim, chairman of NASDAQ Dubai, said: "The listing of ABC's bond on NASDAQ Dubai underlines the important role of the exchange as a global hub that links our region with the rest of the world. NASDAQ Dubai's international framework and regulatory standards provide a transparent and stable environment for regional and international market participants alike."