Islamic Finance

UAE’s Gulf Navigation planning 125 million dirhams sukuk

UAE-based maritime and shipping company Gulf Navigation Holding is planning a private placement of 125 million dirhams ($34.04 million) in sukuk, the company said in a statement on Tuesday (Apr 14).

Proceeds from the sukuk are to be used to strengthen the company’s liquidity position, it said.

The company said it is “adaptive and resilient” to the COVID-19 crisis disruptions as seaborne cargo movements are essential to global supply chains and vital to the continued availability of essential goods to consumers.

© 2020 All Rights Reserved