ALEC Holdings PJSC, one of the region’s leading diversified engineering and construction groups, has announced its intention to list 20% of its share capital on the Dubai Financial Market (DFM) through an Initial Public Offering (IPO).
The IPO will see Investment Corporation of Dubai (ICD), ALEC’s sole shareholder, offer 1 billion ordinary shares. Subscription across three tranches — individual subscribers, professional investors, and eligible ALEC/ICD employees — will open on 23 September 2025 and close on 30 September 2025. Admission of shares for trading on the DFM is anticipated on or around 15 October 2025.
The offering has been confirmed as Shariah-compliant by Emirates NBD Bank’s Internal Shariah Supervision Committee.
Growth and Market Position
Founded in 1999, ALEC has built a strong reputation for delivering complex, large-scale, and iconic projects, including One Za’abeel in Dubai, SeaWorld Abu Dhabi, and Dubai Hills Mall. Its portfolio also spans energy, data centres, hospitality, and retail across the UAE and Saudi Arabia.
As of June 2025, ALEC reported a backlog of AED 35.4 billion, with 79% secured in the last two years. The company has delivered 18 consecutive years of profitability, with FY2024 revenue at AED 8.1 billion and net income at AED 363 million.
Dividend Policy
ALEC intends to distribute a cash dividend of AED 200 million in April 2026, followed by AED 500 million for FY2026, payable in October 2026 and April 2027. Thereafter, the company expects semi-annual dividends with a minimum payout ratio of 50% of net profits.
Strategic Outlook
With operations in both the UAE and Saudi Arabia, ALEC is positioned to capitalise on a forecast boom in regional project spending. According to MEED, UAE project spend is set to rise by 76% to AED 304 billion by 2033, while KSA’s market is projected to more than double to AED 410 billion in the same period.
Barry Lewis, CEO of ALEC Holdings, said the IPO marks “a milestone in ALEC’s 26-year journey,” reinforcing its role as the contractor of choice for mega-projects in the UAE and Saudi Arabia.
