Saudi Arabia's Nesma & Partners Contracting Company, partly owned by Saudi Arabia's Public Investment Fund, has agreed to acquire Dubai-based energy services company Kent as both companies aim to build sustainable business models.
The acquisition is expected to create more business opportunities in new and existing markets, the companies said in a separate statement on Tuesday.
The companies did not disclose the value of the transaction, which is expected to be finalised by the end of the year, subject to regulatory approvals, the statement said.
"By leveraging the strengths of both companies, we are confident that we can deliver even more value to our customers and achieve our goals for growth and success," Samer Abdul Samad, president and chief executive of Nesma & Partners, said in the statement.
Although there will be change in ownership, Kent said it would not make any changes to its brand or leadership, adding it would continue to offer and develop its existing services while "investing in new innovations" and "continuing to operate in all our jurisdictions under our current Kent name and brand".
"Under the ownership of Nesma & Partners, the Kent brand and all our teams worldwide will have more opportunities to develop and grow our world-class lifecycle services to our clients," said John Gilley, chief executive of Kent.
The acquisition will create a dynamic portfolio for Nesma & Partners, which is well-positioned to take advantage of several opportunities that lie ahead.
Nesma & Partners was among four domestic contractors that the PIF bought into this year, along with ElSeif Engineering Contracting Company, AlBawani Holding Company and Almabani General Contractors Company.
The sovereign wealth fund subscribed to new shares as part of the companies' capital increases and invested $1.3 billion to acquire "significant minority stakes" as part of its wider plan to back strategic sectors central to the diversification of the kingdom's economy.
The fund subscribed to new shares – as part of the companies' capital increases – amounting to “significant minority stakes” in Nesma & Partners Contracting Company,
Established in 1981, Nesma & Partners provides services in the industrial, oil and gas, civil, infrastructure and electromechanical sectors. Its clients include Saudi Aramco, the PIF, Neom, the Diriyah Gate Development Authority and the General Authority of Civil Aviation.
The company is also part of a joint venture with Almabani General Contractors that won an infrastructure works contract for an international airport from Saudi Arabia's Red Sea Development Company, which is building a tourism project on the kingdom's Red Sea coast.
Kent, which began as a family business in Ireland in 1919, is an integrated energy services company that designs, builds and maintains assets in the industry. It is present across 34 countries and has delivered projects in about 90, according to its website.
Company%20profile
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Israel Palestine on Swedish TV 1958-1989
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Rating: 5/5
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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The Bio
Favourite Emirati dish: I have so many because it has a lot of herbs and vegetables. Harees (oats with chicken) is one of them
Favourite place to go to: Dubai Mall because it has lots of sports shops.
Her motivation: My performance because I know that whatever I do, if I put the effort in, I’ll get results
During her free time: I like to drink coffee - a latte no sugar and no flavours. I do not like cold drinks
Pet peeve: That with every meal they give you a fries and Pepsi. That is so unhealthy
Advice to anyone who wants to be an ironman: Go for the goal. If you are consistent, you will get there. With the first one, it might not be what they want but they should start and just do it
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