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GEM, Mashreqbank ink $90m loan agreement
DUBAI — Gulf Energy Maritime (GEM) yesterday signed a loan agreement with Mashreqbank for two new product/chemical tankers; Gulf Baynunah and Gulf Jumeirah. The $90 million agreement for the two 47000 DWT, high specification double hulled product/chemical tankers due to be delivered in 2008/9, was signed by Yusr Sultan Al Junaidy, Chief Executive Officer of GEM and Omar Bouhadiba, Head of Commercial & Investment Banking Group (CIBG) from Mashreqbank.
Speaking at the signing ceremony, Yusr Sultan, CEO of GEM, said: "This contract reflects our commitment to continue expansion and our reputation as a quality driven, independent commercial tanker company."
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