The Investment Corporation of Dubai has completed the acquisition of local contractor Alec from Abu Dhabi’s Al-Jaber Group for an undisclosed sum.

It is understood that the Alec management will retain a minor shareholding.

The deal was agreed in February this year, and was waiting for approval from Al-Jaber Group’s creditors. Al-Jaber decided to sell the Dubai-based construction business in 2016 as part of its ongoing restructuring.

Alec was created from Al-Jaber’s joint venture South Africa’s LTA, which was known as Al-Jaber LTA Engineering & Contracting (Alec).

It is one of Dubai’s most active general contractors and has worked on many high profile projects in the UAE including the Madinat Jumeirah, Dubai Marina Mall, Dubai International Airport, Abu Dhabi International Airport, Qasra al-Sarab, and Mirdif City Centre.

ICD is also a shareholder in South Korea’s Ssangyong Engineering & Construction. Since that transaction Ssangyong has secured work on several high profile projects in Dubai including the extension to the Atlantis resort on the Palm Jumeirah and ICD Brookfield Place at DIFC. The contractor had limited involvement in Dubai’s construction market in the more than one decade after it completed work on the Grand Hyatt and Emirates Towers.