Business | General
Channel Sponsor
GMMOS unit gets $46m in finance
Standard Chartered Bank and Noor Islamic Bank on Tuesday said they have jointly arranged a $46 million, eight-year financing facility for GMMOS Group's subsidiary, Stanford Charter, for the refinancing, construction and purchase of a fleet of 12 offshore service vessels.
- Staff Report
- Published: 23:32 August 19, 2008
Dubai: Standard Chartered Bank and Noor Islamic Bank on Tuesday said they have jointly arranged a $46 million, eight-year financing facility for GMMOS Group's subsidiary, Stanford Charter, for the refinancing, construction and purchase of a fleet of 12 offshore service vessels.
GMMOS Group is an oil and gas services and industrial group operating in the Gulf and Caspian markets.
It is jointly owned by Abraaj Capital and Waha Capital. This sharia-compliant facility has specifically been arranged to fin-ance its current and future vessel acquisition programmes.
Nigel Anton, managing director and head of shipping finance, Standard Chartered, said the transaction that utilises an Islamic finance structure highlights their capabilities.
Share this article
More from Business General
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Cafe Nero's premium coffee blends
UK chain plans to open 50 outlets in region following UAE launch
-
Emirates to fly direct to Tokyo
Airline considers code-share deal with JAL after adding second destination in Japan
-
Work on world's longest sea crossing
The proposed Qatar-Bahrain causeway project is estimated to cost Dh9.9 billion
