ADIB provides USD 50 million Ijara facility to Gulf Marine Services WLL
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it had signed an agreement to provide USD 50 Million (AED 183.5 million) Islamic finance facility to Gulf Marine Services WLL, to fund the acquisition of the continued growth of the company. The Ijara (lease to own) facility, will have a tenure of five years.
Tirad Mahmoud, CEO of ADIB said, “We value our partnership with Gulf Marine Services highly as they are a market leader in the Offshore and Oil Services industry in the region. We plan to build on this agreement and provide them with other long term financing options to help in their expansion. We hope to customize our other products and services to their requirements and strengthen this relationship.”
The agreement was signed at ADIB offices by Duncan Anderson, Chief Executive Officer of GMS and Nuhad Saliba, General Manager, Head of Corporate Banking for private and public organizations. Abu Dhabi-based GMS owns and operates barges and vessels that serve the oil and gas industry worldwide and focus on well maintenance and work-over, offshore accommodation, diving and construction.
Duncan Anderson, Chief Executive Officer of GMS praised ADIB for the innovative structure of the financing and said: “We are very glad to see the commitment and capabilities of the ADIB team who structured the deal. Their efforts proved that ADIB offers banking as it should be and we look forward to building on our relationship with them to support the further growth of GMS in the future.”
- Taming the monster: UAE regulator to tighten supervision of financial markets over Arabtec's debacle
- Banking in the time of Ramadan: reconciling contemplation with profit-making
- Attempting to go mainstream? how Islamic banks are ditching the 'Islam' label in order to go global
- How Sukuks are proving a viable financing option for Saudi Arabia
- To jump on the bandwagon or not to jump: all about owning a credit card in Egypt
- ADIB leads Islamic tranche of the AED 4.0 Billion project finance facility for Emirates Steel Industries expansion project
- ADIB agrees AED 1.45 billion financing deal with Al Habtoor Engineering Enterprises
- ADIB to enhance customer accessibility through Ansari’s 78 outlets
- ADIB to finance the Al-Jaber Group with US$ 300 million for Shah Gas project
- Abu Dhabi Islamic Bank finances new cement manufacturing factory in Sudan