The transaction was agreed in February this year
The Investment Corporation of Dubai has completed the acquisition of local contractor Alec from Abu Dhabis 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 Groups creditors. Al-Jaber decided to sell the Dubai-based construction business in 2016 as part of its ongoing restructuring.
Alec was created from Al-Jabers joint venture South Africas LTA, which was known as Al-Jaber LTA Engineering & Contracting (Alec).
It is one of Dubais 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 Koreas 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 Dubais construction market in the more than one decade after it completed work on the Grand Hyatt and Emirates Towers.
You might also like...
Rainmaking in the world economy
19 April 2024
Oman receives Madha industrial city tender prices
19 April 2024
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.