In view of its expansion plans and the completion of AMWAJ acquisition ,GIS Signs a Joint Islamic Financing Agreement of US$ 170 m

DOHA, QATAR – Gulf International Services (“GIS” or the “the Group”; QE: GISS), the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, onshore and offshore drilling and helicopter transportation, in addition to repair and maintenance of helicopters, announced today that it has entered into a joint Islamic financing agreement of US$ 170 million (equivalent to Qrs. 618.8 million).

Mr. Ibrahim Al Mannai, the Chief Coordinator of Gulf International Services Company declared as saying: “In line with its ambitious vision, Gulf International Services Company entered into a joint Islamic financing agreement with the following banks: Qatar Islamic Bank, BARWA Bank, Qatar International Islamic Bank and Arab Petroleum Investments Corporation “APICORP”. Gulf International Services will utilize the financing facility for:

  1. AMWAJ Catering Company acquisition from Qatar Petroleum. AMWAJ will be fully owned by GIS effective 1/6/2012.
  2. 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.