Ahmed El-Sewedy’s Elsewedy Electric takes stake to grow oil and gas portfolio

Key Points

• Elsewedy Electric acquired a 60% stake in THOMASSEN SERVICE, strengthening its energy solutions portfolio across the Middle East and Africa.
• The acquisition enhances Elsewedy’s capabilities in gas turbine services, leveraging THOMASSEN’s 30 years of experience in maintenance and repairs.
• The deal expands Elsewedy Electric’s reach into high-growth markets like the UAE, Oman, Nigeria, and aims for European and CIS growth.

Elsewedy Electric, the multinational cable and electrical equipment giant led by Egyptian businessman Ahmed El-Sewedy, has expanded its reach in the oil and gas sector with the acquisition of a 60 percent stake in THOMASSEN SERVICE.

The deal covers THOMASSEN’s Middle East and Africa (MEA) operations, its filters manufacturing unit, and its African affiliate. It is set to strengthen Elsewedy Electric’s energy solutions portfolio and open up new opportunities in fast-growing markets.

Building expertise in gas turbine services

THOMASSEN SERVICE brings over 30 years of experience in gas turbine operations, maintenance, and repairs, a strong addition to Elsewedy Electric’s capabilities. Known for its Dutch engineering roots, THOMASSEN has earned a solid reputation for delivering high-quality, customer-focused solutions, especially across the Middle East and Africa.

By adding THOMASSEN’s technical know-how to its Engineering and Construction (E&C) services, Elsewedy Electric will now offer even more complete solutions, supporting clients through the full lifecycle of their power and oil and gas projects.

Pushing into new markets

The acquisition also gives Elsewedy Electric a stronger foothold in high-potential regions like the UAE, Oman, and Nigeria. Using THOMASSEN’s well-established presence, the company is setting its sights on expansion into Europe and the Commonwealth of Independent States (CIS), aiming to tap into more EPC (Engineering, Procurement, and Construction) projects.

In the Middle East, demand for gas turbine maintenance and energy services is rising quickly. Meanwhile, the African market is hungry for more advanced energy solutions — trends that align closely with Elsewedy Electric’s long-term goals.

Leadership voices confidence in the future

Ahmed El-Sewedy, CEO of Elsewedy Electric, described the acquisition as a natural step forward: “Bringing TSME’s expertise together with our E&C strength puts us in a better position to deliver even more value across different regions.”

Peter Hertog, CEO of THOMASSEN SERVICE, echoed the excitement, saying the partnership is built on a shared commitment to innovation and quality.

Strong financial results drive expansion

Founded in 1938, Elsewedy Electric has grown into one of the region’s biggest providers of energy, digital, and infrastructure solutions. The El-Sewedy family, who still hold a 68.1 percent stake, continues to back its rapid growth.

In 2024, Elsewedy Electric posted record results, with revenue climbing 52.4 percent to EGP 231.98 billion ($4.58 billion) and net profit jumping 72.6 percent to EGP 17.46 billion ($344.7 million). The company’s recent contract to help build Hungary’s largest hydrogen-ready power plant also highlights its ambition to be a leading global player in energy infrastructure.