Page 110 - ALEF EDUCATION PR REPORT - SEPTEMBER 2025
P. 110
9/16/25, 10:18 AM Dubai construction firm Alec to offer 20% of shares in IPO | The National
Dubai construction firm Alec to offer 20% of shares
in IPO
Company expects to start trading on the Dubai Financial Market on or about October 15
Aarti Nagraj
Fareed Rahman
September 15, 2025
Alec Holdings, an engineering and construction group based in Dubai, will list 20 per cent of its shares
as part of an initial public offering on the Dubai Financial Market amid a listings boom in the UAE.
The Investment Corporation of Dubai (ICD), the principal investment arm of the Dubai government, is
currently the sole shareholder of Alec and is offering one billion ordinary shares through the offering,
the company said in a prospectus released on Monday.
The subscription period is expected to run from September 23 to 30, with tranches open to individual
subscribers, professional investors outside the US, and eligible employees from Alec and ICD.
The final offer price is expected to be announced on October 1 and the company expects to start
trading on the DFM on or about October 15.
“This IPO is a natural next step in Alec’s journey,” said Hussain Nasser Lootah, the company's
chairman. “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 favourable economic environment.”
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.
https://www.thenationalnews.com/business/markets/2025/09/15/dubai-construction-firm-alec-to-offer-20-in-ipo/ 1/4
