Emirates Bank finances Gulf Energy Maritime for AED 367 Million

The facility was signed by Mr. Mahdi Kazim, Senior Manager & Head of Corporate Banking, Emirates Bank and Mr. Yusr Sultan, Chief Executive Officer of GEM pjsc in the presence of Mr. Abdulwahed Al Fahim, General Manager, EBI, Mr. Richard Pudner, CEO, EBI, Capt. Jim Hayer, Chief Operating officer of GEM, Mr. Harry Theochari, Global Head of Shipping for Norton Rose, and other senior officials from EBI, GEM and Norton Rose.

The loan will help Gulf Energy further grow its USD 1.2 Billion fleet size in line with its strategy to become a major regional shipping business said Mr. Yusr Sultan of GEM pjsc. 'This facility allows GEM to take advantage of the depth in the local and regional banking market and provides us flexibility as we evaluate the most effective strategies to enhance value for our shareholders' he said.

These tanker ships are part of a wider order recently placed by GEM on Hyundai Mipo Dockyard in Korea. The tankers will be double hulled in compliance with the latest IMO regulations and will be deployed to cope with the growing demands of refineries in the region.

Captain Jim Hayer, Chief Operating Officer of GEM pjsc reported overwhelming interest from local and major international banks to finance GEM's ongoing order book. We are pleased to mandate one of our lead relationship banks this year for this much sought after transaction. With Emirates Bank's strong backing we are in a good position to source funding to support our fleet expansion, business operation and maintain sustainable growth.

'Emirates Bank is committed to supporting sound economically viable asset backed transactions. Low risk transactions of this nature are becoming even more competitive in view of the expected phasing in of the Basel II guidelines for capital adequacy' said Mr. Abdulwahed Al Fahim of Emirates Bank.

According to Mr. Mahdi Kazim, senior manager & Head of Corporate Banking Unit, Emirates Bank leads the market in terms of relationships with top tier corporations in UAE. 'This deal further reinforces our dominant local market presence in the wholesale finance marketplace in UAE he said. We are very pleased to be mandated ahead of several other banks for this financing' - he said.