ADIB provides $50m Ijara facility to Gulf Marine Services WLL
- United Arab Emirates: Tuesday, July 27 - 2010 at 12:38
- PRESS RELEASE
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it had signed an agreement to provide $50m (Dhs183.5m) 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.
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."
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