Global Environmental Management Services LLC signs SAR 300,000,000 Murabaha Capital Expenditure and Working Capital Facility

Global Environmental Management Services LLC (‘GEMS’), a KSA-based, integrated waste management and recycling company, has successfully concluded a SAR 300,000,000 capital expenditure and working capital facility structured in the Murabaha format. Arab Petroleum Investments Corporation (APICORP) and Emirates NBD Capital Limited, part of Emirates NBD, a leading banking Group in the Middle East, acted as Mandated Lead Arrangers and Joint Coordinators.

APICORP is also the Structuring Bank and Investment and Security Agent and Emirates NBD KSA is the Account Bank. The Dubai teams of Linklaters and Freshfields Bruckhaus Deringer acted respectively as Lenders’ and Borrower’s Legal Counsel.

Headquartered in Jeddah, GEMS is a market leading provider of integrated waste management services, industrial and engineering services, by-product processing, logistics and transportation management. The company provides a vital service in the recycling and environmentally responsible disposal of hazardous and complex waste, including toxic hydrocarbon waste, in an area requiring high technological capability.

The financing will be utilised to fund the expansion of GEMS in the KSA as well as satisfy its working capital requirements. The facilities have capital expenditure and working capital tranches with final maturities of six years from the signing date.

“Today’s announcement demonstrates the strong commitment from leading financial institutions to support our exciting growth trajectory,” said Wally Dahya, Managing Director, Global Environmental Management Services. “This agreement provides GEMS with an opportunity to continue our ambitious expansion plans in KSA and create long-term value for our stakeholders. We are grateful to APICORP and Emirates NBD for the support and confidence in GEMS and our management team.”

Dr. Raed Al Rayes, Deputy CEO, Arab Petroleum Investments Corporation said: “Although this transaction is not considered large in terms of size, we still view it as important and strategic in nature.  It highlights APICORP’s structuring capabilities and demonstrates our commitment to support the private sector.  But what makes it special, is that we will contribute to a more environmentally sustainable hydrocarbon industry.  APICORP is proud that GEMS and its shareholders chose to partner with us to arrange this facility jointly with Emirates NBD.  It is an example of how APICORP brings value to its clients, partners, and the industry at large.”

Ahmed Al Qassim, CEO, Emirates NBD Capital added: “We are pleased to have concluded this landmark transaction for Global Environmental Management Services LLC. This transaction goes a long way in demonstrating our commitment to the various sectors of the KSA economy and eagerness to be part of the growth story. We value our relationship with Global Environmental Management Services LLC and its investors, and we look forward to future opportunities to deepen our relationship at all levels.”