Gulf Energy Maritime (GEM), the Middle East's leading independent commercial product tanker operator has signed an AED275 million Shari'ah-compliant facility with Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE.
The agreement marks the first time GEM has raised funding of this kind through Islamic finance.
Commenting on the new terms, GEM CEO Ahmed Essa Hareb Al Falahi said: “The seven year facility is the first deal between GEM and Dubai Islamic Bank, the closing of this agreement 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, added: “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.”
GEM currently has a fleet of 19 trading ships, which comprises of eight modern LR1, two LR2 and nine chemical/product tankers.
About Gulf Energy Maritime (GEM) PJSC:
Formed in 2004 as a joint venture shipping company, Gulf Energy Maritime is investing in and operating modern state-of-the-art double hull tankers designed to carry petroleum products, chemicals and other hydrocarbons.
Established 12 years ago, GEM has built an asset value now standing at US$ 1 billion.
While having established a good safety record in the industry, GEM is also certified by Lloyd’s Register Quality Assurance to the ISO 9001-2008 Quality Management System and ISO 14001-2004 Environment Management System for Quality Management of a fleet of petroleum and chemical tankers trading worldwide. Furthermore, the company also actively participates in the Tanker Management Self-Assessment (TMSA) program as required by the Oil Companies International Marine Forum (OCIMF).
GEM is a joint venture partnership between Dubai’s Emirates National Oil Company (ENOC), Abu Dhabi’s International Petroleum Investment Company (IPIC), the Oman Oil Company (OOC) and Thales of France under the UAE Offsets program.
For further information:
Naina Chaudhary, Action, PO Box 20970, Dubai, United Arab Emirates.
Tel: +9714 390 2960; Fax: +9714 390 8161; email: naina.c@actionprgroup.com
Or visit Gulf Energy Maritime online at: www.gemships.com
About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company, and its shares are listed on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. The bank currently operates 90 branches in the UAE.
DIB has been proactive in creating partnerships and alliances at both the local and international level. The bank has established DIB Pakistan Limited, a wholly owned subsidiary which has a network of more than 175 branches across 56 major cities in Pakistan. DIB has also started operations in Jordan, with the establishment of Jordan Dubai Islamic Bank, and in 2015, it received regulatory approval to increase its shareholding in PT Bank Panin Syariah in Indonesia to 40 percent.
Alongside its accomplishments as a commercial organisation, DIB has always recognised its wider role in society. The bank supports the communities in which it operates through the DIB Foundation, a non-profit social, humanitarian and charitable organisation which distributes millions of dirhams to good causes at home and abroad each year.
For its contribution to both the banking industry and the wider community, DIB has earned the respect of its peers around the world. The bank's leading position has been reaffirmed by more than 185 local, regional and international accolades that it has won since 2004. DIB has won awards across diversified areas, including retail, corporate and investment banking, as well as CSR and consultancy services. Dubai Islamic Bank has been also declared the winner of the "Best Islamic Bank, UAE - 2016" by World Finance - Islamic Finance Awards 2016. DIB's notable recognitions recently included being named the "Best Retail Bank ME", "Best Corporate Bank ME", "Best Commercial Bank ME", "Best Sukuk Arranger ME" and winning "Best Sukuk Deal" award at the Islamic Business & Finance Awards 2015 , in addition to receiving five accolades at the Banker Middle East Industry Awards 2015 for being named as the "Best Investment Bank". DIB was also recognised for its retail banking services at the Banker Middle East Product Awards 2015, where it won the accolades for "Best Islamic Card" and "Best GCC Equity Fund", as well as being chosen as the "Islamic Bank of the Year -UAE" and "Most Established Bank of the Year - UAE" at 2015 Business Excellence Awards for the second consecutive year. Earlier this year, the bank has been recognised for its expertise in arranging complex deals, winning accolades for "Murdarbah Deal of the Year"; "Ijarah Deal of the Year"; and "Pakistan Deal of the Year" at the Islamic Finance News Deal of the Year Awards 2015. Lately, Dubai Islamic Bank has been honored by H.E. Mariam bint Mohammed Khalfan Al Roumi, Minister of Social Affairs, with the accolade for "Private Sector First Class Category" at the Emirates Social Award, in recognition of its contribution to bolstering the social welfare of the country, whilst DIB Foundation, has been rewarded with "Private Sector Second Class Category" during the award ceremony aiming to recognize individuals, companies, private and government sector stakeholders for their commitment to developing the local community.
© Press Release 2017
