Abu Dhabi, 27 July 2010: Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, today announced that it had signed an agreement to provide USD 50 Million (AED 183.5 million) Islamic finance facility to Gulf Marine Services WLL, to fund the acquisition of the continued growth of the company. The Ijara (lease to own) facility, will have a tenure of five years.

Tirad Mahmoud, CEO of ADIB said, "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."

The agreement was signed at ADIB offices by Duncan Anderson, Chief Executive Officer of GMS and Nuhad Saliba, General Manager, Head of Corporate Banking for private and public organizations. Abu Dhabi-based GMS owns and operates barges and vessels that serve the oil and gas industry worldwide and focus on well maintenance and work-over, offshore accommodation, diving and construction.

Duncan Anderson, Chief Executive Officer of GMS praised ADIB for the innovative structure of the financing and said: "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 GMS in the future."

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About ADIB:
Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999. ADIB's vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.

The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles.

ADIB's core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari'a inspired. It BRings to its customers banking as it should be.

About GMS:
Gulf Marine Services (GMS) was founded in 1977 and taken over in 2007 by a dynamic group of investors from the United Arab Emirates. Today it is an International company, managed by a multi-national team of professionals.

GMS is the largest privately owned marine operating company in the UAE. Specialize in providing a wide range of high quality offshore support services to the oil and gas industries in the Middle East.

GMS provide self-propelled accommodation jack-up barges, AHTS and offshore support vessels to National and International energy companies around the globe.

For media information, please visit www.adib.ae or contact:
Grace Ghunaim
Vp - Head of Corporate Communications Associate
Abu Dhabi Islamic Bank
Tel: +971 2 6100860
Email: g.ghunaim@adib.ae

© press Release 2010