Adnoc explores $2bn raise through Chinese ‘dim sum’ bonds

Adnoc is reportedly planning to issue its first-ever yuan-denominated bond amid growing ties between the UAE and China.

Abu Dhabi’s state-owned energy company may raise up to 14 billion yuan ($2 billion) through so-called dim sum bonds, Bloomberg reported, quoting unidentified sources.

Dim sum bonds are denominated in Chinese renminbi and issued in Hong Kong as they do not fall under the stringent regulations of mainland China.

Adnoc is evaluating a three-tranche offering with maturities of five, 10 and 30 years. The issuance is likely to hit the market as early as this month.

An Adnoc spokesperson refused to comment on market speculation, the report said.

In October Sharjah was reported to be nearing completion of its first Chinese yuan-denominated loan, valued at $400 million.

The Arab Energy Fund, formerly known as Apicorp, received approval from Chinese regulators last month to raise up to 10 billion yuan via panda bonds – yuan-denominated securities issued by non-Chinese borrowers.

Adnoc mobilised $4 billion from its first-ever bond sale in September 2024. It raised $1.5 billion through a sukuk issuance in April 2025.

Further reading:

• China seeks Emirati and Saudi help to close Gulf trade deal
• UAE sharpens focus on China for business growth
• The UAE could be squeezed in a US-China tech tussle