Gulf International Services announced that it has entered into a joint Islamic financing agreement of $170 million to fund acquisition, investment.
Ibrahim Al Mannai, Chief Coordinator of Gulf International Services, said, “In line with its ambitious vision, Gulf International Services Company entered into a joint Islamic financing agreement with the following banks: Qatar Islamic Bank, Barwwa Bank, Qatar International Islamic Bank and. Gulf International Services will utilise the financing facility for:
- AMWAJ Catering Company acquisition from Qatar Petroleum. AMWAJ will be fully owned by GIS effective 1/6/2012. The deal was announced in March with a price tag of QAR353.1m ($97m).
- The other part of the financing facility shall be used to increase Gulf International Services share in Gulf Drilling International Company’s capital increase with the aim of financing GDI’s expansion plan.
Gulf International Services was incorporated as a Qatari shareholding company on 12 February 2008, by Qatar Petroleum (QP). GIS has significant investments in national and international oil and gas industry, including well support services, offshore and onshore drilling services, helicopter maintenance and transportation services, insurance and reinsurance services.
AMWAJ was established in 2006 to provide catering services to Qatar Petroleum and its subsidiaries and affiliates. It has experience of catering for large volumes of industrial workforces, in addition to offering corporate hospitality and VIP dining services.