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ALEC Holdings PJSC (ALEC) – Introduction and background |
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ALEC Holdings PJSC is a diversified engineering and construction group headquartered in Dubai, focused on large-scale building and energy projects across the UAE and Saudi Arabia.
Founded in 1999, ALEC holdings was acquired by the Investment Corporation of Dubai (ICD) in 2017. The group is divided into ALEC Construction, covering building and civil works, and Target Engineering, focused on energy infrastructure. Further specialist business areas target growth industries such as data centres, with the group employing over 47,000 people across both divisions and having sustained a long period of profitability since its founding.
ALEC Holdings listed on the Dubai Financial Market (DFM) under the ticker ALEC in October 2025, then the UAE’s largest-ever IPO in the construction sector. The offering raised AED 1.4 billion through the sale of a 20% stake by ICD, which retains the remaining 80%. A cyclical stock, construction performance is tied to the pace of UAE and Saudi infrastructure spending.
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