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FINANCIAL NEWS
Dubai-Gulf Energy Maritime signs USD74mn Islamic finance deal
16 Jun 2017
(MENAFN) Dubai-based Gulf Energy Maritime, a pioneering independent commercial product and chemical tanker operator, has inked an USD74mn Islamic Finance deal with Dubai Islamic Bank.
Recently, GEM has a fleet of 19 trading ships, which covers of 8 modern LR1, two LR2 and nine chemical/product tankers.
Moreover, the deal with the Emirati bank marks the first time GEM has raised funding of this kind amid a Shariah compliant facility.
Accordingly, the seven year facility is the first deal between the firm and Dubai Islamic Bank, the closing of the deal is part of a long-term relationship with the bank.
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