Abu Dhabi Islamic Bank (ADIB) has announced that it has signed an Ijara lease agreement to provide USD 50 Million (AED 183.5 million) to Gulf Marine Services WLL, to fund the expansion and continued growth of the company.

CEO of ADIB, Tirad Mahmoud said in a statement that, " "We value our partnership with Gulf Marine Services highly as they are a market leader in the Offshore and Oil Services industry in the region. We plan to build on this agreement and provide them with other long term financing options to help in their expansion. We hope to customize our other products and services to their requirements and strengthen this relationship."

Chief Executive Officer of Gulf Marine Services, Duncan Anderson and Nuhad Saliba, General Manager, Head of Corporate Banking for private and public organizations signed the agreement yesterday on July 27th 2010 at ADIB's offices. Gulf Marine Services based in Abu Dhabi is in charge of operating vessels and that cater for the gas and oil industry on a global scale and one of their main focuses is on maintainance, diving and construction and offshore accomodation.

Chief Executive Officer of Gulf Marine Services, Duncan Anderson expressed praise for ADIB and said in a statement that, "We are very glad to see the commitment and capabilities of the ADIB team who structured the deal. Their efforts proved that ADIB offers banking as it should be and we look forward to building on our relationship with them to support the further growth of Gulf Marine Services".

Gulf Marine Services is the largest privately owned marine operating company in the UAE. Specializing in providing a wide range of high quality offshore support services to the oil and gas industries in the Middle East.Gulf Marine Services was founded in 1977 and taken over in 2007 by a group of investors from the United Arab Emirates.It is currently an International company, managed by a multi-national team of professionals.