ALEC Holdings Debuts on DFM in UAE’s Largest-Ever Construction Sector IPO

Dubai, United Arab Emirates – October 16, 2025: ALEC Holdings PJSC made its official debut on the Dubai Financial Market (DFM), marking the largest-ever initial public offering (IPO) in the country’s construction sector by both valuation and size. The listing also represents the first construction IPO on the DFM in over 15 years, further strengthening Dubai’s position as a global hub for investment and financial growth.

A Milestone in Dubai’s Capital Market Expansion

The IPO, fully subscribed and priced at USD 0.38 (AED 1.40) per share, raised USD 381 million (AED 1.4 billion) through the sale of one billion existing shares by Investment Corporation of Dubai (ICD), ALEC’s sole shareholder. Following the listing, ICD retains an 80 percent stake in the company.

With a market capitalization of USD 1.91 billion (AED 7 billion) at listing, the IPO saw overwhelming investor interest, generating subscriptions exceeding USD 8.1 billion (AED 30 billion) and oversubscription of more than 21 times across all tranches. Notably, non-UAE investors represented one of the highest participation levels among recent government-related listings, highlighting Dubai’s appeal to international capital.

A Defining Chapter for ALEC

To mark the occasion, Barry Lewis, CEO of ALEC Holdings, rang the opening bell at the DFM alongside H.E. Helal Al Marri, Chairman of the DFM Board of Directors, and Hamed Ali, CEO of DFM and Nasdaq Dubai.

“Today marks a proud and defining milestone in ALEC’s journey,” said Lewis. “Our listing on the DFM reflects over two decades of growth, operational excellence, and a steadfast commitment to delivering world-class projects that define skylines and advance national ambitions across the UAE and Saudi Arabia. This achievement represents the start of a new chapter — one that will see ALEC continue to innovate, create long-term value, and operate with greater transparency as a listed company.”

Dubai’s Vision for a Diversified Market

Commenting on the milestone, H.E. Helal Al Marri stated, “ALEC’s listing marks another important step in the continued growth and diversification of Dubai’s capital markets. Guided by the vision of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, we continue to open the DFM to leading national companies across key sectors, deepening investor participation and reinforcing Dubai’s position as a trusted global financial hub.”

Hamed Ali, CEO of DFM and Nasdaq Dubai, added, “The listing of ALEC Holdings highlights the strength of investor confidence in Dubai’s economic outlook and the momentum driving our capital markets. We are proud to provide a transparent and globally connected marketplace that supports the growth of companies like ALEC.”

Dividend Policy and Growth Outlook

ALEC Holdings has announced plans to distribute a cash dividend of AED 200 million (USD 54.4 million) in April 2026, followed by AED 500 million (USD 136.1 million) for the 2026 financial year, payable in two tranches in October 2026 and April 2027. Based on the IPO price, this represents a dividend yield of 7.1 percent, one of the most attractive among recent listings. The company intends to maintain biannual dividends thereafter, with a minimum 50 percent payout ratio of net profit, subject to board approval.

The company’s shares now trade under the ticker “ALEC”, ISIN AEE01710A255. The listing comes during a period of strong performance for Dubai’s capital markets, which reached a total market capitalization of AED 995 billion (USD 271 billion) as of mid-2025, fueled by robust trading activity and a growing institutional investor base.