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15 May 2017
| James Pearce
Gulf Bridge International (GBI) has struck a loan refinancing agreement that it claims will allow the company to explore new business opportunities.
The loan refinancing deal, worth QAR1 billion (US$285
million), was struck with a major financial house in Qatar and
the Arabian Gulf, although GBI did not disclose its name.
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
The announcement came as GBI unveiled it has joined
Etisalat’s carrier neutral SmartHub internet
exchange in Dubai.
Amr Eid, chief executive officer 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."
Abdulla Al Rwaili,