Emirates NBD, JP Morgan Chase working on planned Alec IPO

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Investment Corporation of Dubai (ICD) has picked top banks including Emirates NBD Capital and JPMorgan Chase & Company to work on the planned initial public offering of its key unit - Alec Engineering and Contracting reported Bloomberg, citing people familiar with the matter.

Moelis & Co. is also advising state-backed ICD on the share sale that could take place as early as in the second half of this year, the people said, asking not to be identified as the information isn’t public.

Details including size and timing are still under discussion and could change, they stated.

A major construction company with related businesses operating in the GCC and a presence in Africa, Alec has consistently evolved and grown over the last 20 years to become a trusted partner for the execution of complex and iconic construction projects.

The company builds and provides construction solutions to exceed its clients’ expectations for quality, safety, functionality and aesthetics.

The Emirati group has extensive experience in complex projects across diverse sectors including airports, retail, hotels and resorts, high-rise buildings, themed projects as well as construction management, design management, estimating, cost planning and procurement.

Recently, Alec had announced the incorporation of Inproserv, a leader in built asset maintenance services, into the group.

The deal sees Alec take a stake in the Middle East company together with Inproserv International that also has physical offices in Europe and Africa and serves major infrastructure projects across the globe.

This move by Alec is aimed at furthering its position and capabilities as a leader in construction related businesses in the Middle East and Africa.

In 2022, Alec had acquired Target Engineering Construction Company, a UAE-based market leader in mechanical oil and gas, electrical, civil and marine.