Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Energy and Industry)
Filter PR by
  
Gulf Energy Maritime Signed AED275 Million Shari'ah-Compliant Facility with Dubai Islamic Bank
 

15 June 2017 - Dubai, UAE:

Gulf Energy Maritime (GEM), the Middle East's leading independent commercial product tanker operator has signed an AED275 million Shari'ah-compliant facility with Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE. 

The agreement marks the first time GEM has raised funding of this kind through Islamic finance.

Commenting on the new terms, GEM CEO Ahmed Essa Hareb Al Falahi said: “The seven year facility is the first deal between GEM and Dubai Islamic Bank, the closing of this agreement 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, added: “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.”

GEM currently has a fleet of 19 trading ships, which comprises of eight modern LR1, two LR2 and nine chemical/product tankers.

Posted by : Dubai PR Network Editorial Team
Viewed 7265 times
PR Category : Energy and Industry
Posted on : Thursday, June 15, 2017  11:23:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : ICT Energy Efficiency Discussed in Dubai
Next Story : IAEA Director General Yukiya Amano Commends Russia's Role in...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
LG's Connected Technology Puts the World at Your Fingertips During Your Holiday Vacation [33440-Views]
Chaumet est une fête - Chaumet is a feast : High Jewellery Collection HJ 2017 [18276-Views]
New Collections at Grand Optics for Summer 2017 [13127-Views]
Elemis new products review [12322-Views]
Chloé eyewear - Vintage inspiration, luxurious details & a seventies feel. [9589-Views]
Salvatore Ferragamo Eyewear New Collection [9034-Views]
PUMA Football Launch 23 New Club Kits [8558-Views]
Ulysse Nardin Jade “Lionfish” [8497-Views]
Top Ten in GC for UAE Team Emirates' Meintjes After Stage 12 of Le Tour [7363-Views]
True Blue: Kiehl's Beloved Blue Herbal Formula Continues 50 Year Crusade Against Acne [7082-Views]
UAE among the top spenders globally on beauty products forking out $239 per capita in 2016 [6911-Views]
LG OLED TV Wins Fourth Consecutive CE Week TV Shootout Title [6637-Views]
SAINT HONORE Charisma Twist is Ideal for the Stylish Lady [6429-Views]
Winners of Joyalukkas 60 KG gold, 60 days of winnings announced in last few days of promot... [6332-Views]
Louis Moinet: Jurassic Watch - A 150-million year heritage on your wrist [6076-Views]
NRI Teenager awarded India's Most Distinctive Global Indians Award [6045-Views]
BAUME & MERCIER: A leather with a promising future for Petite Promesse [6008-Views]
Chef Tarek Turns on a Cooking Masterclass in Dubai Using Fresh Australian Produce [5588-Views]
Bubble lines in mother-of-pearl and superluminova add sparkle to summer [5356-Views]
Marks & Spencer Launches Back To School Collection - Rule Back to School [4813-Views]
alice + olivia Fall Winter 2017 [4770-Views]
Zadig & Voltaire Fall Winter 2017: Men and Women [4599-Views]
Alstom presents to RTA a full size train Mock-up for the Route 2020 project in Paris [4441-Views]
ADNOC Distribution Opens Seah Al Saram Service Station in Fujairah [4404-Views]
TKD Lingerie: Tips for a pain-free swimwear season in style from [4380-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories