Alec IPO could start listings rush in construction sector

Alec IPO could start listings rush in construction sector

A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert. Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the […]

Dubai owner ICD considers listing

UAE building sector growth expected

Other companies could follow

A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert.

Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the Gulf’s biggest projects, including the UAE’s first casino in Ras Al Khaimah and Saudi Arabia’s entertainment city Qiddiya.

ICD is looking at a potential initial public offering (IPO) for the company, according to reports this week from Bloomberg.

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“As market conditions evolve and companies seek to capitalise on growth opportunities, we may observe an increased interest in listings,” said Jelena Janjusevic, associate professor of finance at Heriot-Watt University Dubai.

ICD, the principal