Gulf Energy Maritime inks $75M deal with Dubai Islamic Bank

DUBAI: Gulf Energy Maritime (GEM) has signed a US$75 million (AED275 million) partnership deal with Dubai Islamic Bank to undertake further expansion
GEM CEO Ahmed Essa Hareb Al Falahi said, “The seven-year facility is the first deal between GEM and DIB, and it 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, said: “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.”
Formed in 2004 as a joint venture shipping company, GEM is investing in and operating modern state-of-the-art double hull tankers designed to carry petroleum products, chemicals and other hydrocarbons. Its assets are currently valued at US$1 billion.