Two years ago, Gulf Navigation Holdings’ directors were despondent. Saddled with high debts and no cash, the Dubai-listed tanker owner’s future looked bleak.

Not willing to write off its investment, private equity company Tabarak Commercial Investments, Gulf Navigation’s largest shareholder, believed the struggling company could be saved. It led the charge to install a new board, and brought in a professional management team with the wherewithal to turn it around.

Tabarak chief executive Ahmad Kilani assumed the helm of the sinking Gulf Navigation, and together with a new C-suite team, carried out what can only be described as a major salvage job.