{"id":664746,"date":"2025-05-06T00:00:00","date_gmt":"2025-05-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/06\/elsewedy-electric-snaps-up-majority-stake-in-thomassen-service\/"},"modified":"2025-05-06T00:00:00","modified_gmt":"2025-05-06T00:00:00","slug":"elsewedy-electric-snaps-up-majority-stake-in-thomassen-service","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/05\/06\/elsewedy-electric-snaps-up-majority-stake-in-thomassen-service\/","title":{"rendered":"Elsewedy Electric snaps up majority stake in Thomassen Service"},"content":{"rendered":"<p class=\"tag-border-left\">M&A-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Elsewed<\/strong><strong>y Electric acquired a 60% stake in Dubai-based Thomassen Service <\/strong>as the company expands its global footprint and diversifies its capabilities in the energy sector, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/314.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The acquisition consists of Thomassen\u2019s Middle East and Africa business unit, filters manufacturing, and its African business affiliate and marks Elsewedy\u2019s expansion into the oil and gas industry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThis acquisition is a strategic step toward delivering fully integrated, end-to-end solutions in the energy business. We are reinforcing our position as a comprehensive energy partner capable of executing projects from inception to long-term operation with unmatched efficiency and reliability,\u201d said Elsewedy Electric Senior Vice President Wael Hamdy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EXPANSION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>La Poire<\/strong><strong> Patisserie is eyeing an entrance into Saudi Arabia<\/strong> as part of an expansion plan, parent company Pico Group CEO Salah Diab told <a target=\"_blank\" href=\"https:\/\/www.alarabiya.net\/aswaq\/exclusive\/2025\/05\/05\/%D8%B5%D9%84%D8%A7%D8%AD-%D8%AF%D9%8A%D8%A7%D8%A8-%D9%84%D9%80%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A7%D9%84%D8%B2%D8%B1%D8%A7%D8%B9%D9%8A-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D8%A7%D9%81%D8%B6%D9%84-%D9%85%D9%86-%D8%A7%D9%84%D8%B0%D9%87%D8%A8-%D9%88%D8%A7%D9%84%D8%B9%D9%82%D8%A7%D8%B1%D8%A7%D8%AA\" style=\"\" rel=\"noopener\">Al Arabiya<\/a>. The plan includes establishing a patisserie factory and commercial branches in the Kingdom. The expansion\u2019s budget is still under study, while its timeframe hasn\u2019t been disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">CAPITAL MARKETS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The voluntary carbon trading market branded as the Egyptian Climate <\/strong><strong>Exchange (EGCX)<\/strong>, according to an <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/290.png\" style=\"\" rel=\"noopener\">EGX statement (pdf)<\/a>. The rebranded market will now also accommodate more types of sustainability-linked financial instruments (not just carbon credits) \u2014 including energy attribute certificates (EACs), which track and verify the origin of renewable energy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>The market launched in August of last year, becoming <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf6f83bf-cf94-4686-a908-2e5c27b3c511\/egypt-launches-africa%E2%80%99s-first-carbon-market\" style=\"\" rel=\"noopener\">Africa\u2019s first carbon market<\/a>. The EGCX allows companies to issue, sell, and buy voluntary carbon certificates in Egypt and Africa to offset emissions.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EDUCATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt is getting its first diploma in process safety management:<\/strong> The Oil Ministry, <a target=\"_blank\" href=\"https:\/\/www.methanex.com\/about-us\/global-locations\/egypt\/\" style=\"\" rel=\"noopener\">Methanex<\/a><a target=\"_blank\" href=\"https:\/\/www.methanex.com\/about-us\/global-locations\/egypt\/\" style=\"\" rel=\"noopener\">Egypt<\/a>, and the American University in Cairo (AUC) have teamed up to launch Egypt\u2019s first Process Safety Management (PSM) diploma, aimed at upskilling workers in the oil, gas, and petrochemical sectors, under a MoU the three sides inked yesterday, according to a statement from the <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/324.pdf\" style=\"\" rel=\"noopener\">university (pdf)<\/a> and another from <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/323.pdf\" style=\"\" rel=\"noopener\">Methanex (pdf)<\/a>. Over the coming three years, 150 Oil Ministry professionals will take part in the program with Methanex providing funding and technical input and AUC overseeing the academic framework and certification. The initiative aims to embed stronger safety practices across Egypt\u2019s energy sector.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Palm Hills De<\/strong><strong>velopments booked EGP 80.2 bn in new sales during the first quarter of the <\/strong><strong>year<\/strong>, up 148% compared to the same period last year, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/307.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The jump came on the back of strong demand across key projects, including Badya, Palm Hills New Cairo, P\/X, and Palm Hills Alexandria.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">EARNINGS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>State-own<\/strong><strong>ed Egypt Aluminum saw its net income increase 89.3% y-o-y in 9M FY <\/strong><strong>2024-2025<\/strong> to EGP 9.9 bn, according to the company\u2019s latest <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/266.pdf\" style=\"\" rel=\"noopener\">financials (pdf)<\/a>. The company\u2019s revenues for the period were up 42.7% y-o-y, reaching EGP 32.1 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the growth: <\/strong>EgyptAlum attributed its strong results to adjusting its pricing strategy and improving its market share, as well as optimizing its import and export operations. It also cut production costs through better raw material sourcing and strict cost controls while adapting to global economic conditions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLUS- La Poire eyes Saudi expansion<\/p>\n","protected":false},"author":1,"featured_media":664747,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,73,1008,152,72,7115,354,758,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-664746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-education","tag-egypt-aluminum","tag-elsewedy-electric","tag-enterpriseam","tag-healthcare","tag-palm-hills-developments","tag-private-equity","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"41bb3f78-b45b-42a7-ba7a-9cd6f8c88c26","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/5\/362.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Elsewedy Electric snaps up 60% in Thomassen Service","related_issue":[664721],"teaser":"PLUS- La Poire eyes Saudi expansion","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.5d228f3a-bad1-4cba-93cd-2a89de2b1a56.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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