By: Amr Adel

Dubai – Mubasher: Gulf Navigation Holding plans to issue sukuk worth $250 million in September to fund buying new ships, CEO Khamis Juma Buamim said on Monday.

The firm plans to expand in Abu Dhabi, Fujairah, and Khor Fakkan in the UAE, Buamim added, but did not specify what kind of expansion the company is considering.

The UAE-based company also aims to expand in Saudi Arabia, and increase the volume of operations to 60% from 40% in the coming period in cooperation with Saudi giants Aramco and Saudi Basic Industries Corp (SABIC).

Buamim indicated that the firm’s operations were not negatively impacted by the diplomatic rift with Qatar, noting that most operations are situated in Saudi Arabia, the Gulf of Oman, the US, East Asia, Japan, and the UAE.