Dubai – Mubasher: ALEC Holdings intends to list 20% of its share capital on the Dubai Financial Market (DFM) through an initial public offering (IPO), with the IPO subscription period expected to run from 23 to 30 September 2025.
The Investment Corporation of Dubai (ICD), representing the selling shareholder, will be retaining the right to amend the size of the IPO at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA), according to a press release.
ICD, the principal investment arm of the Government of Dubai, is offering 1 billion ordinary shares through the IPO. Meanwhile, admission of shares for trading on the DFM is expected on or around 15 October 2025.
ALEC Holdings has its operations focused on large-scale, complex and iconic buildings and energy projects across the GCC and mainly in the UAE and Saudi Arabia.
Chairman of ALEC Holdings, Hussain Nasser Lootah, said: "This IPO is a natural next step in ALEC’s journey. Over the past two and a half decades, we have built a strong reputation as a trusted regional leader, delivering some of the most complex and iconic projects in the UAE and the GCC.”
Lootah noted: “Today, we stand as a diversified, award-winning construction group with a record backlog, a strong client base, and a proven track record of profitable growth. We enter the public markets from a position of strength, supported by a buoyant regional construction sector underpinned by ambitious national agendas in our home market and in Saudi Arabia, and a favorable economic environment.”
The Chairman added: “As we become a publicly listed company, we are committed to rigorous governance, sustainable returns, and leading with integrity. On behalf of the Board, I look forward to welcoming our new shareholders as we shape ALEC’s future and unlock shared long-term growth.”
From his part, Barry Lewis, the CEO of ALEC Holdings, said: “The IPO of ALEC underscores the trust and reputation we’ve earned across our 26-year journey, the sustained financial growth we’ve delivered, and the exciting opportunities before us in two of the world’s most dynamic construction markets: the UAE and KSA.”
Lewis elaborated: “Blue-chip clients choose ALEC for our specialized solutions, integrated offerings, disciplined approach, and strong execution capabilities – setting us apart from other contractors. In 2022, we witnessed a step-change in our business operations and performance, underpinned by two strategic milestones: the acquisition of Target Engineering, which expanded our presence into the critical energy segment, and our entry into KSA with a landmark win at Qiddiya.”
The CEO further added: “These achievements enabled us to diversify and scale both our business portfolio and geographic footprint, while remaining true to our long-standing values of financial prudence and risk discipline – the core tenets of our profitable growth.”
In terms of future plans, Lewis said: “Looking ahead, our strategy is clear and focused: expand our UAE leadership through ALEC’s reputation, partnerships, and integrated capabilities, and target high-profile Saudi giga-projects that match our expertise. We are equally bullish on data centers. With the first phase of Stargate UAE secured, we’re set to deliver hyperscale, AI-optimized campuses across the region.”
The CEO concluded: “As we scale, we’ll continue to prioritize high-margin, technically complex work with limited competition and strong pricing power. We’ll drive delivery excellence by investing in modern construction methods, including modular off-site manufacturing and parallel construction, to accelerate schedules, cut waste, and enhance sustainability…We look forward to welcoming shareholders who share our vision, trust in our people, and have conviction in our potential.”
