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Alec set to launch IPO on Dubai Financial Market

15 September 2025

UAE-based Alec Holdings has announced that it will list 20% of its share capital on the Dubai Financial Market through an initial public offering (IPO).

According to an official statement, the firm will offer 1 billion shares, representing 20% of its share capital. The subscription will be offered in three tranches and will open on 23 September and close on 30 September.

The first tranche comprises individual subscribers, the second includes professional investors, and the third tranche is reserved for eligible employees of Alec and the Investment Corporation of Dubai (ICD).

ICD, the investment arm of the Government of Dubai, is currently the sole shareholder of Alec. It will retain 80% of Alec’s issued share capital following the offering.

Emirates NBD Capital and JP Morgan Securities have been appointed as joint global coordinators. Both firms, along with Abu Dhabi Commercial Bank and EFG Hermes, have been appointed as joint bookrunners.

Moelis & Company is the independent financial adviser.

Emirates NBD has been appointed as the lead receiving bank.

Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al-Maryah Community Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank and Wio Bank have also been appointed as receiving banks.

“Alec intends to distribute a cash dividend of AED200m, payable in April 2026, and a cash dividend of AED500m for the financial year ending 31 December 2026, payable in October 2026 and April 2027,” the statement added.

“The company further intends to distribute cash dividends in April and October of each year, with a minimum payout ratio of 50% of the net profit generated for the relevant financial period, subject to the approval of the board of directors and the availability of distributable reserves,” Alec said.

Alec Holdings’ core businesses include Alec Construction and Target Engineering.

Other businesses include Alec Fitout, Alemco, Alec Data Centre Solutions, Alec Technologies, Alec Lite, Alec Facades, Linq Modular, Alec Energy and AJI Rentals.

READ THE SEPTEMBER 2025 MEED BUSINESS REVIEW – click here to view PDF

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Distributed to senior decision-makers in the region and around the world, the September 2025 edition of MEED Business Review includes:
To see previous issues of MEED Business Review, please click here
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Yasir Iqbal

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