Abu Dhabi Securities Exchange (ADX) has entered the pricing stage for the first-ever distributed ledger technology (DLT)-based bond listing in the Middle East and North Africa (MENA) — a major milestone for the region’s capital markets. Issued by First Abu Dhabi Bank (FAB) and powered by HSBC Orion, the transaction reflects a strategic alignment between regional financial leadership and global digital innovation.
The listing represents the first blockchain-based bond to be traded on a MENA exchange, marking a pivotal step in ADX’s mission to lead financial innovation and support Abu Dhabi’s digital transformation agenda.
Strategic collaboration with global reach
The listing is the result of a three-way collaboration between ADX, FAB, and HSBC, leveraging HSBC Orion — a market-leading digital assets platform operated by the Central Moneymarkets Unit (CMU) in Hong Kong. The structure was supported by top international law firms, ensuring high standards of legal and governance frameworks.
Global investors will be able to access the bond through CMU, Euroclear, and Clearstream, either as direct participants on HSBC Orion or through existing custodians with access to these settlement systems.
This listing adds to ADX’s growing portfolio of financial instruments and underscores its pioneering role in tokenized finance — enabling secure, efficient, and transparent investment channels via blockchain technology.
Redefining capital markets in the UAE
Digital bonds, recorded and settled via blockchain, bring substantial benefits: faster settlement cycles, reduced counterparty risk, enhanced security, operational efficiency, and increased transparency — particularly for institutional investors.
HSBC acted as global coordinator, lead manager, and bookrunner for the transaction, playing a central role in facilitating MENA’s first end-to-end digital bond issuance.
Abdulla Salem Alnuaimi, Group CEO of ADX (Credit: ADX)
“The successful issuance of MENA’s first blockchain-based digital bond, in close collaboration with FAB and HSBC, marks a defining moment in our journey to transform capital markets through innovation,” said Abdulla Salem Alnuaimi, Group CEO of ADX.
“ADX was central in facilitating this milestone, ensuring the bond’s seamless integration with existing post-trade infrastructure and compatibility with global settlement standards” he added.
Lars Kramer, Group CFO of FAB, called the move “a significant advancement” in the bank’s innovation journey.
“We are setting new benchmarks in efficiency, transparency, and security while aligning with the UAE’s progressive regulatory framework.”
Mohamed Al Marzooqi, CEO of HSBC Bank Middle East Limited (UAE), emphasized the collaborative vision:
“By combining our global experience with trusted local partners, ADX and FAB, we’re helping bolster the region’s capital markets – making them more transparent, efficient and accessible to investors.”
The bond has been designed to integrate seamlessly with global post-trade infrastructure, ensuring compatibility with international settlement standards. By aligning traditional capital markets with next-generation issuance models, the move supports Abu Dhabi’s vision of building a diversified, tech-driven, and resilient financial ecosystem.
