GBI strikes $285m loan refinancing deal
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 expansion.”
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.”