ALEC Holdings, a subsidiary of the Investment Corporation of Dubai (ICD), said work is progressing on the first 200 megawatts (MW) of the Stargate Data Centre project in the UAE.

Building structures are erected, and mechanical, electrical and plumbing (MEP) works are well underway, the company said in a statement to the Dubai Financial Market on Thursday.

In October, Abu Dhabi-backed AI firm G42 said that the first 200 MW of a planned 5-gigawatt (GW) artificial intelligence campus in the UAE is expected to come online next year.

The company also completed the topping-out of the Wynn Al Marjan Resort in Ras Al Khaimah in the fourth quarter of 2025.

Backlog

Backlog stood at AED 30.4 billion as of 31 December 2025, the statement said.

ALEC Holdings said it maintains a diversified backlog across its platform, with exposure across building & construction (50 percent), energy (48 percent) and related businesses (2 percent), and weighted toward the UAE (88 percent) and Saudi Arabia (12 percent).

Net profit increased by 89 percent year-on-year (YoY) to AED 687 million, while revenue rose 56 percent YoY to AED 12.6 billion, underpinned by strong conversion of the order book.

The building & construction segment was the largest contributor with revenues increasing 68 percent YoY to AED 6.8 billion, the statement said.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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