Page 227 - ALEF EDUCATION PR REPORT - OCTOBER 2025

10/2/25, 11:54 AM Alec Holding raises $381m in Dubai IPO | The National
The company is expected to distribute a cash dividend of Dh200 million in April 2026. It will also pay a
dividend of Dh500 million for the 2026 financial year, with the first payment in October 2026 and the
second payment in April 2027.

Founded in 1999, Alec became a subsidiary of ICD in 2017 and, along with its core construction
business, offers services spanning fitout, mechanical, electrical and plumbing, modular construction,

data centre solutions, energy solutions, technology, facades, renewables and equipment rental.

It has projects across the UAE and Saudi Arabia, including One Za’abeel, a mixed-use development in
Dubai; indoor theme park SeaWorld Abu Dhabi; and Dubai Hills Mall.

The company last week said its revenue rose 56 per cent annually in the first half of the year to
Dh5.36 billion, with net income reaching Dh239 million.

As of June-end, Alec’s pipeline of large-scale projects stood at Dh35.4 billion, with 79 per cent of the
current backlog secured in the past two years.

Alec's public offering is the latest among a string of IPOs in the UAE's capital markets on strong

investor demand as well as government efforts to boost the equity markets.

There were seven IPOs across the country last year, including by Talabat Holding, retailer Lulu Group,
ADNH Catering, NMDC Energy and Alef Education. IPOs in the UAE accounted for 47 per cent, or

$6.2 billion, of total stock launch proceeds in the Gulf region last year, according to PwC data.

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