Middle East Economic Survey

VOL. XLVIII

No 1

3-January-2005

UAE

GEM Signs $63Mn Facility To Purchase Two Tankers

Dubais Gulf Energy Maritime (GEM), a subsidiary of Emirates National Oil Company (ENOC), has signed a Dh231mn ($63mn) term facility with Emirates Bank to finance the construction and purchase of two double-hulled product/chemical tankers. The vessels are part of a five-tanker order worth Dh662mn ($180mn) that GEM placed with South Koreas Hyundai Mipo Dockyard Company in October last year...