Dubai Financial Market (DFM) today celebrated the successful debut of ALEC Holdings, a diversified engineering and construction group headquartered in Dubai.
The listing represents the UAE’s largest-ever initial public offering (IPO) in the construction sector, both in terms of valuation and size, and the first in the sector in over 15 years. It highlights Dubai’s position as a leading global investment hub and its strategic focus on diversifying capital markets across key sectors.
ALEC’s IPO followed a fully subscribed offering that raised AED 1.4 billion (US$381 million) through the sale of 1 billion existing ordinary shares by the Investment Corporation of Dubai (ICD), the sole selling shareholder and principal investment arm of the Government of Dubai. The offering accounted for 20% of ALEC’s issued share capital, with ICD retaining an 80% stake post-listing.
The IPO was priced at AED 1.40 per share, at the top of the announced range, implying a market capitalisation of AED 7 billion (US$1.91 billion) at listing. The offering attracted robust demand from regional and international investors, generating subscriptions of approximately AED 30 billion (US$8.1 billion), with an oversubscription of more than 21 times across all tranches. It also recorded one of the highest levels of non-UAE investor participation among recent government-related listings on DFM, highlighting the growing diversification of Dubai’s investor base.
To mark the listing, Barry Lewis, CEO of ALEC Holdings, rang the market-opening bell at DFM, in the presence of Helal Al Marri, Chairman of the DFM Board, and Hamed Ali, CEO of DFM and Nasdaq Dubai.
Barry Lewis said, “Today marks a proud and defining milestone in ALEC’s journey. Our listing on the Dubai Financial Market reflects over two decades of steady growth, operational excellence, and a steadfast commitment to delivering complex, high-quality projects that define skylines and advance transformational national ambitions across the UAE and Saudi Arabia.
This achievement is the result of the collective dedication of our people and the trust of our clients and partners, who have been instrumental to our success. It also represents the beginning of a new chapter, one that will see ALEC continue to grow, innovate, and create sustainable long-term value under the enhanced governance and transparency that come with being a listed company.
“The DFM has played a vital role in enabling our successful IPO journey, offering a dynamic platform that attracts a broad mix of high-quality investors, including leading regional and international institutions. We are proud to join a market that is driving capital market development in the region and look forward to continuing our growth story as a listed company.”
Helal Al Marri said, “ALEC’s listing on the DFM marks another important step in the continued growth and diversification of Dubai’s capital markets. We are expanding access to equity markets for leading national companies across priority sectors, deepening investor participation, and supporting Dubai’s sustainable economic development. Each new listing reinforces Dubai’s position as a trusted and dynamic financial centre connecting regional enterprises with global capital.”
Hamed Ali added, “The listing of ALEC Holdings reflects the continued momentum of Dubai’s capital markets and the confidence of investors in the UAE’s economic outlook. It also highlights the breadth of sectors choosing DFM as their platform for growth and visibility. As we enhance market infrastructure and broaden access to investment opportunities, we remain committed to supporting issuers and investors through an open, transparent, and globally connected marketplace.”
In line with its dividend policy, ALEC plans to distribute a cash dividend of AED 200 million in April 2026, followed by AED 500 million for the 2026 financial year, payable in October 2026 and April 2027. Based on the 2026 dividend and the IPO price of AED 1.40 per share, this represents a 7.1% dividend yield at listing. The Company intends to continue paying dividends twice yearly, in April and October, with a minimum payout ratio of 50% of net profit, subject to Board approval.
ALEC’s shares began trading today under the ticker “ALEC” and ISIN “AEE01710A255.” The listing comes amid strong performance in Dubai’s capital markets. As of June 2025, DFM’s total market capitalisation reached AED 995 billion, supported by higher trading activity and growing institutional participation.
Total traded value rose 77% year-on-year to AED 85 billion, with institutional investors accounting for 71% of activity. Additionally, DFM added over 53,000 new investors in H1 2025, 84% of whom were foreign, underscoring the exchange’s expanding global investor base and sustained confidence in Dubai’s economic prospects.
(Inputs from WAM)
