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Dubai contractor Alec anticipates $500m IPO

An impression of the planned water theme park at Qiddiya, Saudi Arabia, being constructed by ALEC SPA
An impression of the planned water theme park at Qiddiya, Saudi Arabia, being constructed by Alec
  • Possible listing in mid-2025
  • 7th of 10 government IPOs
  • Targeting more Saudi business

Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports.

Alec, part of the Investment Corporation of Dubai’s portfolio, is behind some of the Gulf’s largest projects including the Wynn Resort in Ras Al Khaimah and the Qiddiya water theme park in Saudi Arabia.

The Investment Corporation of Dubai, which acquired Alec in 2017 from Abu Dhabi’s Al Jaber Group, intends to sell shares as early as mid-2025, sources told Bloomberg.

Alec’s IPO would be the Dubai government’s first since the successful listing of Parkin last year. Parkin raised $429 million from investors and had an oversubscription rate of about 165 times. Its shares rose by about a third on its debut day.

Dubai Taxi Company’s IPO in late 2023 raised $316 million through the sale of a 25 percent stake.

Alec would be listing No 7 in Dubai’s plan to list 10 government-linked companies to attract investment to its domestic bourse. The programme, launched in 2021, has raised about $9 billion in four years.

Barry Lewis, Alec’s CEO, told AGBI in October 2023 that the company plans to double its business by 2028, with Saudi Arabia a major focus.

Bloomberg reported last year that Dubai Holding, Sheikh Mohammed bin Rashid’s global investment holding company, was considering separate listings of the commercial and residential units of its property portfolio.  

Dubai Financial Market was Mena’s fastest-growing exchange last year, adding around 19 percent to its market cap by early December.