Alec UAE chooses two banks to manage a public offering

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The Investment Corporation of Dubai acquired Alec in 2017 from the Abu Dhabi-based Al Jaber Group

Quoted Bloomberg Agency Informed sources said that Alec Engineering and Contracting Company is owned by…Investment Corporation of Dubai Emirates NBD Capital and JP Morgan Chase Banking Group have chosen to manage its anticipated initial public offering.

The sources, who declined to reveal their identity, explained that Mollis & Co. is advising ALEC regarding the initial public offering, which is expected to take place in the second half of this year.

The same sources indicated that the details of the public offering, including size and timing, are still under discussion and could change.

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The Investment Corporation of Dubai acquired Alec in 2017 from the Abu Dhabi-based Al Jaber Group. The company has worked on entertainment, airport and commercial projects, among others, according to its website. Its projects also include residential and commercial projects in the Emirates.

The potential listing comes amid a recovery in Dubai’s housing market, where prices are near record levels and rents have risen to unprecedented levels. This growth was driven by an influx of wealthy investors, relaxed visa laws and easier work permits. The city’s commercial real estate market has also boomed, with occupancy rates reaching record levels in contrast to declining demand in other cities including London and New York.

 

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