Gulf Navigation to expand its operations to settle debt | The National

Gulf Navigation to expand its operations to settle debt | The National:
"Gulf Navigation plans to invest at least US$950 million by 2020 to double its petrochemical fleet and expand operations in the Northern Emirates as the company expects to settle its legacy debts by next year, the chief executive said on Tuesday.

The Dubai-based shipping company will tap global fund providers to finance most of its investments through a "buy-to-lease" mechanism, whereby it will own the ships and then service the investments from the generated income, said Khamis Juma Buamim, declining to name the funds. It will also use other resources to finance its expansion plans.


"Some companies already want us to service their business so they are willing to inject money now to ensure this service is available when they start trading in our region," said Mr Buamim. "We will use part of our money, but that is only for infrastructure.""

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