The Dubai Financial Market celebrated the successful listing of “ALEC Holding,” a company based in Dubai engaged in multidisciplinary engineering and construction services. This listing marks the largest initial public offering (IPO) in the construction sector in the UAE to date, both in terms of market capitalization and offering size. It is also the first listing in this sector in over 15 years, underscoring Dubai’s position as a leading global investment hub and the emirate’s strategic move towards enhancing diversity in capital markets.
The IPO took place on the Dubai Financial Market following a fully subscribed subscription phase, which yielded a total of 1.4 billion dirhams (approximately $381 million) through the sale of one billion ordinary shares by the Dubai Investment Corporation, the main investment arm of the Dubai government. This represents 20% of the company’s issued capital, while the corporation retains an 80% stake post-listing as the sole selling shareholder.
The final pricing of the offering was set at 1.40 dirhams per share, which is at the top end of the announced price range, resulting in a market capitalization of 7.0 billion dirhams ($1.91 billion) upon listing.
The offering attracted significant interest from a diverse range of regional and international investors, with total subscription requests reaching approximately 30 billion dirhams ($8.1 billion), more than 21 times the targeted amount across all investor categories. Additionally, the offering recorded one of the highest participation rates from foreign investors compared to the latest listings of government-linked companies in the Dubai Financial Market, reflecting the continued diversification of the investor base in Dubai.
To commemorate the successful listing, Barry Lewis, CEO of ALEC Holding, rang the opening bell for the trading session at the Dubai Financial Market, in the presence of His Excellency Helal Saeed Al Marri, Chairman of the Dubai Financial Market, and Hamed Ali, CEO of the Dubai Financial Market and Nasdaq Dubai.
Barry Lewis stated that the Dubai Financial Market played a crucial role in supporting the success of the company’s IPO by providing a sophisticated platform that attracts a broad and diverse range of investors, including leading regional and international institutions.
Meanwhile, His Excellency Helal Saeed Al Marri expressed that the listing of ALEC Holding on the Dubai Financial Market marks a significant milestone in the growth and diversification of Dubai’s capital markets, emphasizing that the market is steadily moving towards expanding opportunities for listing leading national companies in vital sectors, enhancing investor participation, and supporting sustainable economic development in the emirate.
Hamed Ali commented that the listing reflects the ever-growing momentum in Dubai’s capital markets and the strong confidence investors have in the future growth prospects of the UAE economy. It also highlights the diversity of sectors that choose the Dubai Financial Market as a platform to boost their growth and strengthen their presence.
ALEC plans to distribute cash dividends of 200 million dirhams, scheduled for payment in April 2026, along with a total of 500 million dirhams in cash dividends for the fiscal year 2026, which will be paid in two installments; the first in October 2026 and the second in April 2027. Based on the dividends for the fiscal year 2026 and the final offering price of 1.40 dirhams per share, the dividend yield is expected to reach 7.1%. Trading of the company’s shares began today on the Dubai Financial Market under the ticker symbol “ALEC.”