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Gulf Navigation to issue $250mln sukuk by early September - CEO

Close up of AED 500 notes in a vintage treasury box with islamic rosary. View from top.
Image for illustrative purpose.

Close up of AED 500 notes in a vintage treasury box with islamic rosary. View from top. Image for illustrative purpose.

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DUBAI, July 10 (Reuters) - Dubai's Gulf Navigation Holding , a listed shipping firm, plans to issue $250 million in sukuk, or Islamic bonds, in late August or early September, the group's chief executive said on Monday.

The company has appointed First Abu Dhabi Bank to lead the transaction, the proceedings of which will be used to back the company's expansion plans, Khamis Juma Buamim told reporters at a press conference.

Gulf Navigation is targeting revenue growth of 300 percent by 2021, the CEO said.

(Reporting by Alexander Cornwell; writing by Davide Barbuscia) ((Davide.Barbuscia@thomsonreuters.com;))

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