Nasdaq Dubai Marks Historic Milestone with Republic of Congo’s Inaugural African Sovereign Listing
The exchange welcomes its first African sovereign issuer, strengthening the financial corridor between the United Arab Emirates and the African continent.
Nasdaq Dubai has achieved a momentous milestone in its evolution as a premier global financial marketplace, welcoming the Republic of the Congo as the first African sovereign issuer to list securities on the exchange. The historic secondary listing comprises two bond issuances totalling USD 1.55 billion, representing a transformative moment in the deepening financial partnership between the United Arab Emirates and the African continent.
The dual listings encompass USD 700 million in 9.500% Amortising Notes maturing on 17 February 2035, alongside USD 850 million in 9.500% Amortising Notes due 26 May 2036. These securities complement the Republic of the Congo’s initial listing on the London Stock Exchange, extending their reach across a diverse constellation of Middle Eastern and global institutional investors whilst amplifying their prominence within the investment community.
This landmark listing serves as a potent testament to Dubai’s burgeoning significance as a conduit for cross border capital flows and international financial connectivity. By establishing a secondary listing on Nasdaq Dubai, the Republic of the Congo strategically expands its institutional investor base whilst reinforcing the economic foundations established through the Comprehensive Economic Partnership Agreement between the two nations. The listing resonates with a broader commitment to diversifying capital sources and strengthening the investment landscape across regions.
Christian Yoka, Minister of Finance, Budget and Public Portfolio of the Republic of the Congo, articulated the profound significance of this listing, emphasising his nation’s commitment to deepening its partnership with the UAE and celebrating the achievement of becoming the first African sovereign issuer to access the Emirati market. The move aligns seamlessly with a wider strategy of cultivating a more varied and robust investor base, reflecting considerable confidence in the UAE’s market architecture and its exceptional capacity to bridge issuers with international capital.
Hamed Ali, Chief Executive of Nasdaq Dubai and Dubai Financial Market, underscored the exchange’s pivotal role as a gateway connecting issuers with an extensive institutional investor base across the Middle East, characterising the listing as a significant reflection of Dubai’s expanding prominence in global financial markets. Mark Steward, Chief Executive of the Dubai Financial Services Authority, welcomed the listing as an emblematic moment in the strengthening connectivity between Africa and the Dubai International Financial Centre, reinforcing its status as a distinguished hub for investment and financial services spanning the Middle East, Africa and Asia.
The exchange’s total outstanding debt listings now exceed USD 147.5 billion, with sovereign issuances constituting a substantial 43% of this impressive total, underscoring Nasdaq Dubai’s considerable significance within the global debt capital markets.
Source: WAM
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