Gulf Energy Maritime signs $75 million deal with Dubai Islamic Bank
Gulf Energy Maritime (GEM) has signed a $75 million agreement with Dubai Islamic Bank (DIB), the first time GEM has raised funding of this kind through Islamic finance.
The seven-year facility is the first deal between GEM and DIB, and it is part of a long-term relationship with the bank, according to Ahmed Essa Hareb Al Falahi, CEO, GEM.
“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," said Al Falahi.
Dr. Adnan Chilwan, Group CEO, Dubai Islamic Bank, added that DIB’s partnership with GEM demonstrates the bank’s 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 $1 billion.