ALEC Holdings, a leading engineering and construction group, has announced plans to float 20 percent of its share capital on the Dubai Financial Market (DFM) through an Initial Public Offering (IPO).
The Investment Corporation of Dubai (ICD), the company’s sole shareholder, will offer one billion shares, with the subscription period set from September 23 to 30, 2025.
The listing is expected around October 15, 2025, under the ticker symbol “ALEC.” The offering will be divided into three tranches: 5 percent for individual subscribers, 94 percent for professional investors, and 1 percent for eligible employees. ICD retains the right to amend the offering size before the close of subscriptions, subject to regulatory approvals.
ALEC has built a strong reputation as the contractor behind high-profile projects such as One Za’abeel, SeaWorld Abu Dhabi, and Dubai Hills Mall. The company reported revenues of AED8.1 billion in 2024, more than double its 2022 figure, alongside an expanding EBITDA margin and steady net income growth. Its project backlog stood at AED35.4 billion as of June 2025.
To attract investors, ALEC has committed to a semi-annual dividend policy, beginning with AED200 million in April 2026, followed by AED500 million for the 2026 financial year, payable in two installments.
Chairman Hussain Nasser Lootah described the IPO as a “natural next step” in ALEC’s growth, citing the strength of the regional construction sector. CEO Barry Lewis added that the move reflects the company’s sustained financial growth and the opportunities ahead in the UAE and Saudi Arabia.
The IPO has also been confirmed as compliant with Shariah principles by Emirates NBD’s Internal Shariah Supervision Committee.
News Source: Emirates News Agency
