Dubai’s ICD readies USD 500 mn Alec Engineering IPO: Dubai’s state-backed Investment Corporation of Dubai (ICD) is preparing to launch an IPO of construction giant Alec Engineering & Contracting that could raise up to USD 500 mn, Bloomberg reports, citing unnamed people familiar with the matter. The IPO — tentatively slated for mid-2025 — would mark Dubai’s first major IPO of a state-backed company since Parkin last year.

Advisors: Alec tapped Emirates NBD Capital and JPMorgan Chase to work on the offering, with Moelis advising ICD. Additional banks may join the syndicate as plans solidify.

The details of the offering remain provisional, with specifics including the fundraising target and exact timeline still being finalized.

The move would give renewed impetus to Dubai’s privatization program, under which it planned to list 10 state-owned companies. Alec would be the seventh state-owned company to get a public listing as part of the program, after IPOs for Parkin, as well as utilities firm (Dewa), Dubai Taxi, toll operator Salik, business district developer Tecom, and cooling services firm (Empower).

The UAE has a strong pipeline of IPOs for 2025:

  • ADQ is reportedly preparing a USD 1 bn IPO for Etihad Airways on the Abu Dhabi Securities Exchange (ADX) in 2025;
  • Alpha Data is reportedly planning a USD 200 mn listing on the ADX;
  • Dubizzle Group has tapped banks for a 2025 IPO on the Dubai Financial Market (DFM);
  • Hospitality group Five Holdings tapped advisors for a potential listing;
  • Amanat Holdings is planning to list its education and healthcare units;
  • and Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.
Tags: