Gulf Oil and Gas accountACCOUNT

Gulf Energy Maritime Signs US$75M Deal with Dubai Islamic Bank

Source: Emirates News Agency 6/15/2017, Location: Middle East

Share |
Gulf Energy Maritime (GEM), has signed an AED275 million ($75 million) with Dubai Islamic Bank (DIB). The agreement marks the first time GEM has raised funding of this kind through Islamic finance.

GEM CEO Ahmed Essa Hareb Al Falahi said, "The seven year facility is the first deal between GEM and DIB, and it is part of a long-term relationship with the bank as we look to extend our association. Providing custom-made services will assist the company to meet objectives to provide safe, high quality and economical operation of vessels and optimise shareholder value as well the purchase of new vessels and expand operations."

Dr. Adnan Chilwan, Group CEO, Dubai Islamic Bank, said, "Our partnership with GEM demonstrates our expertise in the field of Islamic banking and finance. This innovative structure highlights the flexibility of Shari'ah-compliant financing and our commitment to the industry whilst simultaneously supporting and facilitating business growth in the UAE."

Formed in 2004 as a joint venture shipping company, Gulf Energy Maritime is investing in and operating modern state-of-the-art double hull tankers designed to carry petroleum products, chemicals and other hydrocarbons. Established 12 years ago, GEM has built an asset value now standing at US$ 1 billion.

Financials and Investment News in United Arab Emirates >>

Australia >>  8/18/2017 - Beach Energy Ltd (Beach) has reviewed asset carrying values as part of its full year results process. Due to sustainable performance improvements, cos...
Norway >>  8/17/2017 - Seadrill Limited (SDRL) has completed amendments to three secured credit facilities that relate to rigs purchased by Seadrill Partners from the Compan...

Australia >>  8/16/2017 - Woodside Petroleum said its half-year profit rose 49 percent, buoyed by higher oil prices and lower costs, but missed analysts' forecasts. Australia's...
Nigeria >>  8/16/2017 - Nigeria's production cost per barrel of crude oil is down to $23, the state oil company said, after the country last month said the cost was $29 a bar...

Norway >>  8/16/2017 - On behalf of Statoil, DNB has on 15 August 2017 purchased 584,442 shares for use in the group's Share saving plan. The shares have been acquired at a ...
Australia >>  8/15/2017 - Santos expects to recognise a non-cash net impairment charge of approximately US$690 million after tax in its 2017 half-year results to be released on...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

More News

 

Oil & Gas Companies in United Arab Emirates >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.