Source Credit: AGBI
Dubai-based construction giant Alec Engineering and Contracting is preparing for an initial public offering (IPO) worth up to $500 million, potentially listing by mid-2025, according to media reports.
Alec, a subsidiary of the Investment Corporation of Dubai (ICD), is behind some of the Gulf’s largest projects, including:
- The Wynn Resort in Ras Al Khaimah
- The Qiddiya water theme park in Saudi Arabia
Dubai’s IPO Drive: Alec Becomes 7th Government Listing
Alec’s IPO would be Dubai’s 7th out of 10 planned government listings aimed at boosting investment in the local stock market. The IPO program, launched in 2021, has already raised $9 billion.
- Parkin, Dubai’s parking operator, raised $429 million in 2024 and was oversubscribed 165 times.
- Dubai Taxi Company’s 2023 IPO raised $316 million from a 25% stake sale.
The Dubai Financial Market (DFM) was the fastest-growing exchange in the MENA region in 2024, with a 19% market cap increase by December.
Alec’s Growth Strategy: Doubling Business by 2028
Alec’s CEO Barry Lewis stated that the company aims to double its business by 2028, with a major focus on Saudi Arabia.
Dubai’s IPO momentum is set to continue, as reports suggest Dubai Holding may also list its commercial and residential property units separately.
Alec’s listing could further strengthen Dubai’s stock market position while attracting regional and global investors.
