Dubai has picked banks to work on the initial public offering (IPO) of UAE builder ALEC Engineering & Contracting, Bloomberg reported, citing people familiar with the matter.

The banks chosen to work on the share offering, which could launch in the second half of 2024, are Emirates NBD Capital and JPMorgan, the news agency said.

The size and timing of the offering are still being discussed and could still change.

Dubai is being advised by Moelis & Co. on the share offering.

The emirate has witnessed several IPOs offering stakes in government-owned companies in recent years. According to data compiled by Bloomberg, around $9 billion has been raised from six IPOs since 2022.

UAE-based Parkin Company’s recent offering raised $428.7 million, the region’s highest proceeds in the first quarter of the year.

ALEC is part of the portfolio of the state-backed Investment Corporation of Dubai (ICD), the investment arm of the emirate.

ICD had acquired ALEC from Al Jaber Group in 2017.

(Writing by Cleofe Maceda; editing by Seban Scaria)