Industry, Logistics & Shipping

GBI inks $274m loan refinancing agreement

Gulf Bridge International (GBI), the first privately-owned submarine cable system in the Middle East, has sealed a major loan refinancing deal that will allow the company to explore new business and investment opportunities.
A global cloud, connectivity and content enabler operating an integrated network connecting the world to Middle East, GBI said it partnered with a major financial house in Qatar and the Gulf region for the QR1 billion ($274 million) loan.

Abdulla Al Rwaili, the executive vice chairman and managing director of GBI, said: "The support extended from the financial community demonstrates confidence in our innovative business model and future investment plans."

"The added liquidity will further support our transformation by enabling sustainable growth and enhanced financial flexibility to launch new strategies for business expansion," he stated.  

The finalisation of the deal will allow the company to further support its successful transformational journey.

GBI's multilayer terrestrial and subsea cable meshed network bridges the East to the West through the Middle East, empowers businesses, connects societies and contributes to the region’s economies.

CEO Amr Eid said the loan refinancing initiative comes after the capital increase by GBI’s major shareholders in the second quarter of 2016 that reflected their confidence and aspirations in its unique transformation into a true global service provider.

"This loan will be long-term and will accelerate our ability to pursue organic and inorganic business opportunities, across different geographies and verticals," he added.-TradeArabia News Service