Egypt: Elsewedy Electric acquires 60% of Thomassen Service to expand gas turbine operations
Elsewedy Electric has acquired a 60% stake in Thomassen Service, extending its capabilities into gas turbine operation, maintenance, and component repair across key markets, as per a disclosure.
The transaction includes Thomassen's MEA business unit (TSME), its filter manufacturing operations, and its affiliate in Africa.
Thomassen Service has over three decades of experience in the energy sector, with a focus on gas turbine services.
With a foundation in Dutch engineering, the company has established a presence in the Middle East and Africa through TSME, known for its technical service and operational support.
Elsewedy Electric, an integrated energy and infrastructure solutions provider in Europe, the Middle East, and Africa, said the acquisition adds gas turbine operations and maintenance services to its Engineering and Construction portfolio.
The company aims to offer full-cycle energy services, from project execution to asset management.
With TSME operating in the UAE, Oman, and Nigeria, Elsewedy Electric gains access to new regional markets.
The company also plans to expand in East Europe and CIS countries through EPC opportunities and respond to increasing demand for gas turbine services in the Middle East and Africa.
The acquisition supports Elsewedy Electric's plans to enter the oil and gas sector, using Thomassen's experience in turbine component repair and field maintenance to serve industrial and petrochemical clients.
As part of Elsewedy Electric Group, Thomassen Service is expected to increase its operational capacity and expand its geographic reach, with support in technology, workforce development, and facility upgrades.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
11 hours ago
- Arabian Post
Willem Blijdorp: Building a Global Business Empire
Willem Blijdorp initially set his sights on a career in tourism. From 1970 to 1975, he studied at the Hotel Management School in Maastricht, the Netherlands. However, upon graduation, he chose an unexpected path. He decided to become the organizer of the now-legendary 'Butterfahrten'. This marked the beginning of an entrepreneurial journey that continues to this day. The Butterfahrt Concept During a business trip to Germany, Blijdorp was struck by how popular Butterfahrten were among Dutch tourists. These day trips involved boarding a ship that quickly sailed beyond national waters. Once in international territory, passengers could shop duty-free to their heart's content. ADVERTISEMENT Sensing a unique opportunity, Blijdorp introduced the concept to the Dutch market in 1975. Operating out of Eemshaven, he launched daily Butterfahrten for Dutch tourists. Blijdorp's success lay in offering more than just tax-free shopping. His cruises delivered a memorable experience, blending commerce with entertainment. Passengers were encouraged to shop, but they also enjoyed a full day of games, music, quizzes, and small lotteries. This unique combination of retail and entertainment struck a chord with the Dutch public. In 1976, Blijdorp began working part-time for shipping company Kamstra, whose mini-cruises were booming. That same year, he received a full-time offer from Marriott Hotels in the United States. Simultaneously, Kamstra also offered him a permanent role. Although he originally intended to pursue a career in the hotel industry, he took the leap into entrepreneurship. On the condition that he could acquire shares in the company, he accepted Kamstra's offer and came on board full-time. Blijdorp's talent for business soon became evident. He built strong relationships with German suppliers, securing exclusive deals available only to Butterfahrt passengers. These arrangements not only kept customers coming back but also laid the groundwork for his later venture: B&S. The Rise of B&S In 1985 Blijdorp founded B&S, a company focused on the distribution of duty-free products. What began as a clever cruise concept soon transformed into a serious business. While the European unification brought significant economic advantages, it also marked the end of duty-free sales within the EU. As a result, the Butterfahrten ceased in 1999. Nevertheless, B&S remained focused on the duty-free market, which meant that B&S continued to grow. What began as modest boat trips from Eemshaven evolved into a global tax-free distribution empire. The experience, relationships, and business acumen developed during the Butterfahrten years became the foundation of B&S's growth into a market leader. Expanding the Business Today, he is also an active investor with a particular interest in startups and social ventures. He is involved in companies such as Mercatum Medical Care – a medical wholesaler, SocialDatabase – a data-driven marketing platform, and Advion -a distributor of cleaning and sanitary addition, he is committed to social initiatives like the Papageno House, a residence that supports children with autism. He also contributes to international projects that provide clean water and sanitation in underserved communities, such as those in Ghana. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Arabian Post
29-05-2025
- Arabian Post
Morgan Stanley Rejects Dutch Tax Evasion Claims
Morgan Stanley has firmly denied accusations from the Dutch Public Prosecution Service alleging the financial giant evaded tax on dividends worth nearly $1 billion more than ten years ago. The dispute centres on complex tax structures employed by the bank that Dutch authorities contend were designed to avoid paying the appropriate tax on substantial dividend income. Dutch prosecutors assert that the investment bank engaged in schemes dating back to the early 2010s to shelter dividend earnings from taxation in the Netherlands. The case focuses on transactions routed through multiple subsidiaries in various jurisdictions, including the Netherlands and Luxembourg, which allegedly facilitated aggressive tax avoidance. Authorities argue this deprived the Dutch treasury of hundreds of millions in revenue. However, Morgan Stanley insists all tax planning adhered strictly to local laws and international tax treaties, and that any dividends received were correctly reported and taxed in compliance with regulations. The bank's legal team describes the allegations as unfounded, emphasising that the dividend structures in question were part of legitimate financial arrangements utilised widely in the industry during the period under review. Morgan Stanley highlights that similar structures have been scrutinised by tax authorities across Europe, often resulting in disputes but also numerous rulings affirming their legality when applied transparently and within the framework of existing laws. ADVERTISEMENT This case emerges amid growing scrutiny by European tax authorities over multinational corporations' use of intricate financial arrangements to minimise tax liabilities. Governments across the continent have intensified efforts to clamp down on perceived tax avoidance schemes, adopting stricter regulations and seeking to recover revenues from earlier years. The Dutch Public Prosecution Service has increasingly targeted financial institutions and large companies suspected of employing aggressive tax strategies, making Morgan Stanley's situation part of a broader enforcement trend. At the heart of the dispute is the interpretation of Dutch tax rules governing dividend withholding taxes and the application of international treaties intended to prevent double taxation. Prosecutors allege that Morgan Stanley's structures artificially reduced withholding tax obligations by exploiting mismatches between different countries' tax systems. The bank, however, argues these mechanisms reflected legitimate treaty benefits designed to avoid taxing the same income multiple times across borders, a standard practice in international finance. Legal experts point out that cases involving alleged tax evasion or avoidance by multinational banks are often complex, hinging on fine distinctions between lawful tax planning and illicit evasion. Courts must consider whether transactions have genuine economic substance or serve primarily to obtain tax advantages without corresponding business purpose. Morgan Stanley's defence underscores the presence of legitimate business rationale behind the dividend arrangements, including the efficient management of capital and investor returns, which challenges the prosecutors' claims. The proceedings have attracted attention from industry observers and tax specialists who note that the outcome could influence future tax enforcement strategies. Given the substantial sums involved and the prominence of the parties, the case is likely to set a precedent in how tax authorities tackle dividend-related tax disputes in the financial sector. The situation also reflects ongoing tensions between governments' efforts to secure tax revenues and corporations' rights to structure their affairs in tax-efficient ways under the law. Morgan Stanley operates as one of the world's leading investment banks, with extensive international operations that often necessitate complex financial and tax arrangements. The institution maintains a strong commitment to compliance and corporate governance, asserting that its policies meet or exceed regulatory standards globally. The bank's response to the allegations emphasises transparency and cooperation with tax authorities to resolve the matter through legal channels. ADVERTISEMENT While the Dutch case targets transactions from over a decade ago, it resonates with broader global trends in tax regulation. Countries are increasingly collaborating to close loopholes and enforce tax transparency, supported by initiatives such as the OECD's Base Erosion and Profit Shifting project and the implementation of stricter reporting requirements. This evolving landscape poses challenges for multinational corporations that must navigate a patchwork of national laws and international agreements. Morgan Stanley's legal defence highlights that the dividend payments at issue were subjected to appropriate taxation in other jurisdictions, thus complicating claims of outright evasion. The bank notes that the complexity of cross-border tax rules often leads to differing interpretations between taxpayers and authorities, which can only be resolved through judicial or administrative review. The institution remains confident that the facts will support its position once all evidence is thoroughly examined. The Dutch Public Prosecution Service, which spearheaded the investigation, has intensified its approach towards large-scale tax cases, signalling a willingness to pursue aggressive enforcement to deter corporate tax avoidance. The allegations against Morgan Stanley form part of a series of cases targeting financial institutions that allegedly structured their operations to reduce tax bills. Authorities have emphasised that pursuing these cases is essential to uphold the integrity of the tax system and ensure a level playing field for all taxpayers. Morgan Stanley's challenge to the allegations includes detailed legal arguments about the interpretation of tax treaties and domestic tax laws. The bank contends that it fully complied with disclosure and reporting obligations and that any tax benefits received were legitimate under existing rules. The defence also points to rulings from tax courts in other countries that have upheld similar structures, suggesting a degree of legal uncertainty that complicates prosecutors' claims. The case is expected to proceed through the Dutch judicial system, with possible appeals and negotiations that could extend over several years. The financial sector closely watches developments, recognising the case's implications for tax risk management and compliance strategies. Morgan Stanley's insistence on its innocence highlights the broader debate around the balance between tax optimisation and the boundaries of lawful conduct.
Zawya
26-05-2025
- Zawya
Egypt: Elsewedy Electric's Q1 consolidated profit rises 4.18% YoY
Elsewedy Electric (SWDY) reported a 4.18% year-on-year (YoY) increase in consolidated net profit attributable to the parent company for the first quarter (Q1) of 2025, according to the company's financial statement filed to the Egyptian Exchange (EGX) on May 26th. Consolidated net profit attributable to the parent company amounted to EGP 4.146 billion in Q1 2025, compared to a profit of EGP 3.979 million in Q1 2024. The company also generated consolidated revenues of EGP 59.391 billion in the first three months this year, up from EGP 45.249 billion in the same quarter last year. The company recorded a standalone net loss after tax of EGP 477.965 million in Q1 2025, up from EGP 644.131 million in Q1 2024. Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East. It has a portfolio incorporating all traditional and renewable energy areas along with related services. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
