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.