This new facility will be used to re-organise GDI’s debt and further enhance its operational and financial performance. QIB successfully originated, structured and executed the transaction using an innovative financing structure to meet the needs of the Gulf International Service’s subsidiary.
“QIB has become a leading financier to the energy sector capable of delivering structured Islamic solutions that match our clients sophisticated needs while ensuring careful credit risk management,” QIB chief executive Bassel Gamal said.
This financing facility follows QIB’s strategy which is closely aligned with Qatar’s National Vision 2030. As the leading Islamic bank in the country, QIB has provided Islamic financing solutions to several key entities that are contributing to the country’s gross domestic product and are participating in the country’s development.
“This financing arrangement will help sustain GDI during a period of challenging industry conditions and help ensure that GDI is well positioned to capitalise on opportunities arising as market conditions improve,” according to Mubarak A al-Hajri, chief executive and managing director of GDI.
QIB has been actively involved in financing large projects in the fields of energy, trade, industrial, infrastructure and construction, while ensuring they participate in and contribute to the diversification of Qatar’s economy.
GDI was established in 2004 as a joint venture between Qatar Petroleum (QP) and Japan Drilling (JDC). In 2007, QP acquired 25% shares of JDC, raising its stake in GDI to 70%. In 2008, all shares of QP were transferred to GIS, which had acquired all remaining JDC shares in GDI in 2014 to make it a 100% Qatari owned company.