Gulf Bridge International (GBI) has finalised a loan refinancing deal that should allow the company to explore new business and investment opportunities and to further support its successful transformational journey.
Namely, the first privately-owned submarine cable system in the Middle East, has sealed QAR1 billion (US$285 million) loan refinancing deal with a financial house in Qatar and the Arabian Gulf.
Abdulla Al Rwaili, 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.”
Amr Eid, CEO of GBI, said: ”The loan refinancing initiative comes after the capital increase by GBI’s major shareholders in Q2 2016 that reflected their confidence and aspirations in GBI’s 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.”