Industrial and Commercial Bank of China (ICBC) recently marked a significant milestone with the listing of three green bond issuances worth a total of USD 1.72 billion on Nasdaq Dubai. This initiative underscores ICBC’s leadership in sustainable finance and its dedication to the UAE capital market. The issuances were completed under the bank’s USD 20 billion Global Medium Term Note Programme and included USD 1 billion in floating rate notes from the Hong Kong branch, USD 300 million in fixed-rate notes from Singapore, and CNH 3 billion from the Dubai branch, all maturing in 2028.
To commemorate this achievement, His Excellency Zhang Yiming, the Chinese Ambassador to the UAE, rang the market-opening bell at Nasdaq Dubai. He was joined by Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM), along with Liu Hua, General Manager of ICBC Dubai (DIFC). Liu highlighted the importance of these multi-currency, carbon-neutrality-themed bonds as part of ICBC’s strategic commitment to sustainable development, particularly in the context of the Belt and Road Initiative. With a total of USD 5.6 billion in outstanding bonds in the UAE alone, ICBC is expanding its green finance footprint on a global scale.
The successful listing adds to the momentum of Dubai as a burgeoning global hub for sustainable finance. Ali noted that these listings reinforce Nasdaq Dubai’s ongoing commitment to fostering responsible investment and innovation within capital markets. Following this achievement, the total value of debt listings on Nasdaq Dubai has now reached USD 136 billion, of which USD 29 billion consists of ESG-related instruments, further solidifying the platform’s role in promoting sustainable investment throughout the region.
This initiative is part of a broader trend involving increasing green bond activity in the region. In November 2023, for instance, Nasdaq Dubai welcomed additional green bonds from ICBC, totalling USD 2.03 billion, which brought the bank’s cumulative green bond listings on the exchange to USD 6.93 billion. This rise highlights not only ICBC’s expanding footprint but also Dubai’s developing reputation as a central player in sustainable finance, with ESG-related instruments totaling USD 18.55 billion across the exchange.
Moreover, the trend indicates a growing interest from financial institutions to engage in sustainable practices, with examples like the Bank of China’s USD 400 million green bond issuance in September 2024, which further reflects the regional commitment to funding green projects. Such undertakings are pivotal in addressing global sustainability goals and demonstrate a concerted effort among financial entities in the Gulf Cooperation Council (GCC) to enhance their green finance offerings. With ICBC leading the charge, Dubai looks poised to sustain its trajectory as a front-runner in the sustainable investment sector, promising a greener future for its financial landscape.
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Source: Noah Wire Services
- https://focus.hidubai.com/icbc-lists-usd-1-72-billion-in-green-bonds-on-nasdaq-dubai/ – Please view link – unable to able to access data
- https://www.nasdaqdubai.com/exchange/media/press-releases/nasdaq-dubai-welcomes-the-listing-of-usd-2-03-billion-green-bonds-by-industrial-and-commercial-bank-of-china – In November 2023, Nasdaq Dubai welcomed the listing of green bonds totaling USD 2.03 billion by the Industrial and Commercial Bank of China (ICBC). This issuance included bonds from ICBC’s branches in Dubai, Hong Kong, Singapore, and Luxembourg, bringing ICBC’s cumulative green bond listings on Nasdaq Dubai to USD 6.93 billion. The listing underscores Dubai’s growing role as a global hub for sustainable finance, with Nasdaq Dubai’s total ESG-related instruments reaching USD 18.55 billion.
- https://www.reuters.com/sustainability/sustainable-finance-reporting/icbc-eyes-multi-currency-carbon-neutrality-themed-green-bond-deal-term-sheet-2025-05-14/ – In May 2025, ICBC announced plans to launch a multi-currency, carbon-neutrality-themed green bond issue. The issuance was to be facilitated through ICBC’s branches in Hong Kong, Singapore, and Dubai, with U.S. dollar-denominated bonds offered via Hong Kong and Singapore, and offshore yuan bonds through Dubai. The term sheet did not disclose the total size of the bond, and ICBC highlighted potential risks associated with ongoing U.S.-China trade tensions.
- https://www.nasdaqdubai.com/exchange/media/press-releases/nasdaq-dubai-welcomes-usd-400-million-green-bond-from-bank-of-china – In September 2024, Nasdaq Dubai welcomed a USD 400 million green bond from the Bank of China (Dubai Branch). This issuance, rated ‘A’ by S&P Global Ratings and due in 2027, is part of the Bank of China’s USD 40 billion Medium Term Note Programme. The green bond aims to finance or refinance eligible green projects, highlighting Nasdaq Dubai’s commitment to promoting global sustainability goals and responsible investments.
- https://www.wam.ae/en/details/1395303134041 – In February 2023, ICBC celebrated the listing of four green bonds totaling USD 2.2 billion on Nasdaq Dubai. The carbon-neutrality-themed bonds, with tenors of 2 and 3 years, were issued by ICBC’s branches in Dubai, Hong Kong, Singapore, and Sydney. The proceeds are intended to fund green financing in various jurisdictions and operations, reinforcing Dubai’s position as a global sustainable finance hub.
- https://www.nasdaqdubai.com/exchange/media/press-releases/nasdaq-dubai-welcomes-listing-of-five-bond-issuances-totaling-us-2-68-billion-by-industrial-and-commercial-bank-of-china-limited – In July 2022, Nasdaq Dubai welcomed the listing of five carbon-neutrality-themed bond issuances totaling USD 2.68 billion by ICBC. These notes were issued by ICBC’s branches in Dubai, Hong Kong, London, and Singapore. The Dubai branch was responsible for the CNH-denominated tranche, marking the first carbon-neutrality-themed bond issued in the GCC region and the largest CNH-denominated public bond within the ICBC Group.
- https://www.nasdaqdubai.com/exchange/media/press-releases/china-s-ambassador-to-the-uae-rings-nasdaq-dubai-s-market-opening-bell-to-celebrate-listing-of-icbc-s-green-bond-issuances-totaling-us-2-2-billion – In February 2023, China’s Ambassador to the UAE, Zhang Yiming, rang Nasdaq Dubai’s market-opening bell to celebrate the listing of four green bonds totaling USD 2.2 billion by ICBC. The bonds, with tenors of 2 and 3 years, were issued by ICBC’s branches in Dubai, Hong Kong, Singapore, and Sydney. The proceeds are intended to fund green financing in different jurisdictions and operations, highlighting ICBC’s commitment to sustainable development.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is dated June 12, 2025, and reports on a recent event—the listing of USD 1.72 billion in green bonds by ICBC on Nasdaq Dubai. This is a new development with no prior reports found, indicating high freshness.
Quotes check
Score:
10
Notes:
The narrative includes direct quotes from His Excellency Zhang Yiming, Ambassador of China to the UAE, and Liu Hua, General Manager of ICBC Dubai (DIFC). These quotes are unique to this report, with no earlier matches found, suggesting originality.
Source reliability
Score:
6
Notes:
The narrative originates from HiDubai, a local news outlet. While it provides detailed information, the outlet’s reputation and editorial standards are not widely known, which introduces some uncertainty regarding its reliability.
Plausability check
Score:
9
Notes:
The claims about ICBC’s green bond issuance align with previous reports from reputable sources, such as Reuters and Nasdaq Dubai’s official press releases. The narrative’s details are consistent with these sources, enhancing its plausibility. However, the lack of coverage from more widely recognised international outlets slightly reduces the confidence in its overall credibility.
Overall assessment
Verdict (FAIL, OPEN, PASS): OPEN
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The narrative reports on a recent event—the listing of USD 1.72 billion in green bonds by ICBC on Nasdaq Dubai—providing unique quotes and details not found elsewhere. However, the source’s reliability is uncertain due to its limited recognition, and the lack of coverage from more widely recognised international outlets slightly reduces the confidence in its overall credibility. Therefore, while the information appears plausible, further verification from more established sources is recommended.
