A series of wind turbines in the North Sea off England's northeast coast. Enshore Subsea is well-placed to serve the "buoyant" offshore wind market in northern Europe, Riyadh-based Al Gihaz said. Bloomberg
A series of wind turbines in the North Sea off England's northeast coast. Enshore Subsea is well-placed to serve the "buoyant" offshore wind market in northern Europe, Riyadh-based Al Gihaz said. Bloomberg
A series of wind turbines in the North Sea off England's northeast coast. Enshore Subsea is well-placed to serve the "buoyant" offshore wind market in northern Europe, Riyadh-based Al Gihaz said. Bloomberg
A series of wind turbines in the North Sea off England's northeast coast. Enshore Subsea is well-placed to serve the "buoyant" offshore wind market in northern Europe, Riyadh-based Al Gihaz said. Bloo

Energy

Saudi Arabia's Al Gihaz Holding buys assets of UK's Enshore Subsea

New joint venture formed to provide seabed contracting services to major projects

Michael Fahy
Michael Fahy

April 06, 2021

  • English
  • Arabic

Saudi Arabia-based Al Gihaz Holding's contracting unit has bought the assets of Enshore Subsea, a UK-based company that provides subsea trenching services to offshore projects around the world.

The deal will lead to the creation of a new joint venture that will provide seabed intervention and construction management services to major projects. It will also help in the kingdom's drive to generate 58.7 gigawatts of clean energy through major solar and wind projects, the company said.

"We will be able to provide competitive, resilient and diverse services to cover projects globally and in the kingdom of Saudi Arabia. This investment is in line with the Vision 2030 of the kingdom and will pave the way for a strong involvement of the group in this field,” Sami Alangari, group vice chairman of Al Gihaz Holding, said.

Al Gihaz Holding was founded by Saeed Al Angari in 1975 and the group has interests in a number of sectors including energy, healthcare, construction services, media and exhibitions technology and telecommunications, including smart metering services.

Enshore Subsea is based in the Port of Blyth on England's north east coast. It had been owned by Norway-based subsea services provider Deepocean but it placed all of its UK assets into a restructuring process in November last year.

The company's location is ideal to serve the "buoyant" offshore wind market in northern Europe and its existing management will remain with the new joint venture, Al Ghizal Holding said.

“I am delighted that through this co-operation with Al Gihaz, we are able to take the company forward with a sustainable cost base, renewed energy and focus on our areas of expertise," said Enshore Subsea's managing director Pierre Boyde.

While you're here
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

While you're here
How The Debt Panel's advice helped readers in 2019

December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'

JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.

“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”

November 26:  ‘I owe Dh100,000 because my employer has not paid me for a year’

SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue. 

SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."

October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'

MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.

“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December." 

Saudi ArabiaRenewable energyEnergy