Nasdaq Dubai hosts NDB’s USD 50 billion EMTN programme to bolster green infrastructure funding

Nasdaq Dubai has officially admitted the New Development Bank’s (NDB) USD 50 billion Euro Medium Term Note (EMTN) Programme to its exchange, something both the bank and Dubai have highlighted as a move that will improve access to global capital for infrastructure and sustainable development efforts across the BRICS countries and other emerging markets.

As reported, this multi-listing adds to an existing EMTN registration with the Financial Conduct Authority and a listing on the London Stock Exchange. The Programme holds a “AA” rating from Fitch and an “AA+” from S&P. The NDB, founded by BRICS nations back in 2015, explains that the EMTN provides a flexible way to issue debt instruments aimed at funding projects in areas like clean energy, transportation, water and sanitation, digital infrastructure, and other long-term development goals.

“Listing on Nasdaq Dubai is a real milestone for the NDB,” said Monale Ratsoma, Vice-President and CFO of the bank, in an official statement. “It gives us access to a broad and diverse investor base, which in turn helps us to mobilize long-term capital for infrastructure and green projects in our member countries. Plus, it fits with our strategy to diversify where we get our funding , across different markets and investor groups.”

The exchange framed the move as reinforcing Dubai’s position as an international hub for sustainable finance and cross-border capital flows. Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market, mentioned that the listing “strengthens Dubai’s role as a key platform for global development finance and shows our commitment to enabling capital flows that support economic progress, environmental resilience, and creating long-term value.”

The UAE joined the NDB in October 2021, subscribing USD 556 million of capital, and officials suggest that this membership acts as a strategic link between Dubai’s financial markets and the objectives of the bank. Both the Dubai Financial Market and local authorities claimed that this listing would enhance NDB’s access to regional institutional investors, such as sovereign wealth funds, central banks, and major global asset managers.

Data from the industry, along with the bank’s own disclosures, show that the EMTN Programme has been active since 2024 and 2025. For instance, on March 25, 2025, NDB priced a USD 1.25 billion, three-year benchmark bond offering with a 4.375% coupon. This issuance garnered around USD 2 billion in orders from 35 investors, mainly from Asia (about 82%), with smaller parts from EMEA (16%) and the Americas (roughly 2%). The programme also includes Euro-denominated bonds and notes issued in HKD and RMB, this diversified currency strategy is designed to tap different investor pools.

The formal record of Nasdaq Dubai’s admission was made on November 17, 2025, according to the Dubai Financial Services Authority (DFSA). The listing, along with the existing FCA registration and London listing, underlines the NDB’s goal of boosting its presence in major international financial centers and developing local capital markets by enabling bond issuance in various currencies.

This move is particularly significant for climate and clean tech projects both in the UAE and the wider region. The NDB’s mandate emphasizes clean energy and climate resilience initiatives. As noted, access to long-term, sizable funding sources could speed up investments in decarbonization infrastructure, grid improvements, water systems, and low-carbon transport, areas that align well with UAE’s strategic priorities around green technology and infrastructure.

Of course, it’s worth noting the nuance here. Both the NDB and Dubai officials tend to frame this as a beneficial step, highlighting how the bank gains various funding sources and broadens its investor reach, while Dubai cements its reputation as a hub for sustainable, multilateral finance. That said, independent market players warn that listing alone isn’t enough. Success depends heavily on the quality of projects in the pipeline, the creditworthiness of sovereigns and borrowers, and the supportive regulatory and currency environment needed for long-term, large-value investments.

Looking at the bank’s recent funding history, investor interest can be quite strong when conditions and borrower credentials are right. The March 2025 USD benchmark, for example, saw concentrated demand from Asian investors, underscoring the bank’s regional appeal. Supporters argue that the Nasdaq Dubai listing might help attract more participants from the Middle East and Africa and develop local markets with instruments in local currencies.

Furthermore, this step underscores the ongoing competition among global financial centers eager to attract multilateral and development finance activity. Dubai’s pitch centers on its open regulatory environment, existing investor base, and regional connections. The exchange emphasized its capacity to host “complex, large-scale programmes” via a transparent, well-regulated platform that’s recognized worldwide.

For those involved in climate tech in the UAE, this development could be quite meaningful. Increasing multilateral finance options could reduce the cost of capital for big green infrastructure projects and energize private investments in emerging clean tech sectors. According to reports, the NDB expects the EMTN Programme to back projects both within its member states and in other emerging markets, providing a crucial avenue for regional green initiatives to access diversified global liquidity.

As the EMTN begins trading on Nasdaq Dubai, the focus now shifts to how quickly and how much the bank will issue under the new listing, and whether the capital raised actually results in tangible projects for low-carbon infrastructure. The bank’s previous issuances and solid ratings provide a good basis for confidence in the market. Whether this confidence translates into ongoing support for climate tech projects in the UAE and beyond will be the real test going forward.

Source: Noah Wire Services