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.”