FAQ’s

ALEC Holdings is a diversified engineering and construction group focused on large-scale, complex and iconic projects. ALEC is one of the only regional players offering a complete and integrated suite of services through two core offerings, ALEC Construction (building and construction) and Target Engineering (energy) and nine business units that complement its core construction business, including: ALEC Fitout, ALEMCO, ALEC Lite, ALEC Data Center Solutions, ALEC Technologies, ALEC Facades, LINQ, ALEC Energy, and AJI Rentals

ALEC is headquartered in Dubai and has operations across the Emirates, and it also has a presence and extensive operations in KSA.

ALEC has delivered some of the most complex, large-scale and iconic projects, including One Za'abeel, Sea World Abu Dhabi and Dubai Hills Mall.

ALEC is wholly owned by the Investment Corporation of Dubai ("ICD"), the principal investment arm of the Government of Dubai.

ALEC focuses on projects in the commercial, hospitality, retail, energy, airports, data centres, and themed entertainment sectors. ALEC is very selective about the residential projects it tenders for, focusing on high-rise, ultra-luxury, complex projects.

With a project backlog of AED 35.4 billion as of 30 June 2025, ALEC is working on various major, high-value projects, including:

• Natural History Museum (Abu Dhabi)
• Como Residences (Dubai)
• Aquarabia Waterpark, Qiddiya (Riyadh)
• Qiddiya Speedpark (Riyadh)
• Wynn Al Marjan (Ras Al Khaimah)
• Ilmi - Science Discovery Innovation Center MISK (Riyadh)
• Multiple projects for ADNOC and Saudi Aramco (Abu Dhabi and KSA)

ALEC acquired Target Engineering in September 2022 to support its growth and expansion into the attractive and nationally strategic energy sector.

Apart from the acquisition of Target Engineering in September 2022, ALEC has primarily relied on organic growth to expand its business.

ALEC was awarded the construction of Aquarabia Waterpark, Qiddiya, its first construction project in KSA in 2022. The contract was awarded to a 50/50 joint venture between El Seif Engineering Contracting and ALEC. ALEC believes that the KSA market is an attractive market, where it can utilise the expertise gained in the UAE to deliver complex, landmark projects aligned with Vision 2030.

As of 30 June 2025, ALEC had a total of 47,500 employees across its businesses.

ALEC intends to distribute a cash dividend of AED 200 million, payable in April 2026, and a cash dividend of AED 500 million for the financial year ending 31 December 2026, payable in October 2026 and April 2027. Thereafter, ALEC expects to distribute cash dividends on a semi-annual basis (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 continues to evaluate accretive investment opportunities for growth. In the absence of suitable opportunities that meet the target investment criteria and returns, ALEC will consider distributing higher dividends than the minimum annual dividend.

ALEC has delivered strong financial performance in FY-2023 and FY-2024. For FY-2023 and FY- 2024, the revenue was AED 6.3 billion and AED 8.1 billion, respectively. ALEC also saw a significant increase in EBITDA² from AED 433 million in FY-2023 to AED 646 million in FY-2024, with margins expanding to 8.0% in FY-2024 from 6.9% in FY-2023

ALEC achieved net income growth, with profit for the year FY-2023 of AED 238 million reaching AED 363 million in FY-2024. So far in 2025, ALEC has sustained robust financial performance with revenue reaching AED 5,362 million in H1-2025 (compared to AED 3,436 million in H1-2024), EBITDA² of AED 437 million in H1-2025 (compared to AED 245 million in H1-2024), and profit of AED 239 million in H1-2025 (compared to AED 129 million in H1-2024).

ALEC maintains a solid balance sheet with a net cash⁶ position of AED 334 million as of 30 June 2025, setting ALEC apart within the industry and reflecting its strong financial discipline.

In FY 2024, ALEC's free cash flow to firm⁵ (FCF) was AED 636 million. For the first six months ended 30 June 2025, free cash flow to firm⁵ was AED 241 million.

Yes, it is. ALEC has achieved a net profit for the past 18 consecutive years thanks to its disciplined cost control, selective tendering process, robust risk management framework and prudent cash and capital management. Net Income reached AED 363 million in FY-2024.

The Global Offering is considered a secondary offering, meaning that the net proceeds will be directed to ICD, the selling shareholder. ALEC's robust balance sheet, including a net cash⁶ position of AED 334 million as of 30 June 2025, reflects its strong financial position and eliminates the need for primary capital raising

"The initial public offering of ALEC represents a strategic step to support ALEC's continued growth and long-term development. Listing ALEC on the public market enhances its visibility and reinforces its commitment to transparency, strong governance, exceptional performance, and ESG principles, all of which are important to its clients and stakeholders.

Additionally, as a listed company on the DFM, ALEC will have added flexibility to access new sources of capital to support its growth, as and when needed in the future.

ICD will remain a majority shareholder of ALEC following the Global Offering, reaffirming its long-term commitment to ALEC."

The shares will be traded on the DFM.

1,000,000,000 (one billion) ordinary shares will be on offer through the Offering.

50,000,000 (fifty million) ordinary shares are being allocated to individual subscribers, which is 5% of the Offering.

Yes, this is considered a Shariah compliant investment. The Internal Shariah Supervision Committee of Emirates NBD Bank PJSC has issued a pronouncement confirming that, in its view, the Offering is compliant with Shariah principles.