Gulf Navigation Anticipates Expansion for 2007

Gulf Navigation Holding PJSC has set its sights on a capacity expansion of close to 30 percent in 2007. After the acquisition of six double hulled product tankers at the end of last year, and the successful conclusion of their financing arrangement for the six tankers and two chemical tankers to be built in Shina shipyard totaling $186m with Nordea bank, the company plans to acquire and build additional oil and chemical tankers this year.

Gulf Navigation Holding has completed all formalities for the listing of its shares on the DFM. The company is in the final stages of securing the regulatory approvals, and plans to start trading soon.

Subscriptions for the company’s IPO closed in August 2006. GCC nationals, companies, establishments and general firms under the Federal and Local Governments were invited to subscribe to the offer.