ALEC Holding Plans IPO on Dubai Financial Market

ALEC Holding, a subsidiary of Investment Corporation of Dubai (ICD) and one of the region’s leading multi-disciplinary engineering and construction groups, focused on delivering large-scale, complex, and high-profile projects in the UAE and Saudi Arabia, on Monday announced its intention to list 20% of its issued capital on the Dubai Financial Market (DFM) through an initial public offering (IPO).

ICD is the selling shareholder and the principal investment arm of the Government of Dubai, is currently the sole shareholder in ALEC Holding and intends to offer one billion ordinary shares through the IPO.

The subscription period is expected to extend from 23 September 2025, to 30 September 2025. The offering will be available to individual subscribers in the first tranche, professional investors outside the United States in the second tranche, and qualified employees of both ALEC and the Investment Corporation of Dubai in the third tranche. The shares are expected to be listed on the DFM on October 15.

Operational Efficiency

The company boasts a proven track record of sustained financial and commercial success. Thanks to sustained operational efficiency and strong financial management discipline, ALEC has been able to achieve consistent profits over the past 18 years, overcoming various economic and geopolitical challenges without compromising its financial stability.

As of 30 June 2025, ALEC ranks among the largest construction companies in the UAE in terms of the value of work in progress, underscoring its significant business volume, broad credibility, and long-term strategic importance in the region.

With a reputation as a strategic partner for delivering large, high-profile, and technically complex projects, ALEC has successfully delivered landmark transformational projects in the UAE and Saudi Arabia, such as One Za’abeel, a mixed-use development featuring the world’s longest cantilever bridge; SeaWorld Abu Dhabi, the world’s largest indoor marine theme park; and Dubai Hills Mall, for which ALEC was awarded the “Best Retail Project of the Year 2022” award.

ALEC maintains a strong pipeline of large-scale projects, as reflected in its backlog of projects valued at $9.64 billion as of June 30. It has secured approximately 79% of the value of its current backlog over the past two years, highlighting its strong performance and market success.

Standard Wallet

ALEC Holding CEO Hussain Nasser Lootah said that after nearly two and a half decades of successful history, ALEC Holding is taking a new step today with its IPO.

According to him, during this period, the company has established itself as a leading and trusted regional construction company, having completed several of the most complex and large-scale projects in the UAE and across the GCC.

“Our IPO comes at an ideal time, building on our strong performance and supported by a vibrant regional construction sector, driven by ambitious national plans in our local market and in Saudi Arabia, as well as a favourable economic environment that promises promising opportunities. As we transition to a listed company, we affirm our commitment to applying the highest standards of governance, delivering sustainable returns, and managing our business with integrity and transparency,” he added.