Dubai - Mubasher: Fitch Ratings has assigned a ‘B+’ rating to Gulf Navigation Holding’s new sukuk issuance at AED 612 million ($167 million), reflecting the company’s solid financial position and stable outlook.

The issuance has been primarily structured to refinance the existing bonds of Brooge Petroleum and Gas Investment Company, which was recently acquired.

It will also support the company’s strategic transformation and the execution of its long-term growth plans.

Meanwhile, the offering is expected to reduce borrowing costs, improve liquidity, extend debt maturities, and strengthen the company’s balance sheet in line with future expansion.

The ‘B+’ rating reflects the positive impact of Gulf Navigation’s recent organizational restructuring, operational efficiency initiatives, and disciplined financial management. It also benefits from diversified operations, stable contractual frameworks, improved operating returns, and rising demand in regional energy markets.

Saif Alhazaimeh, Chief Executive Officer of Gulf Navigation Holding, said: “Fitch’s ‘B+’ rating reinforces our commitment to strengthening our financial foundations and delivering sustainable value to our shareholders.”

HSBC served as the lead coordinator for the issuance, highlighting strong global institutional support and investor confidence in Gulf Navigation’s credit profile and strategic direction.

In the first nine months (9M) of 2025, Gulf Navigation turned to net profits after tax of AED 4.56 million, against losses of AED 23.56 million in 9M-24.