Dubai-based contractor was owned by Abu Dhabis Al-Jaber Group
The Investment Corporation of Dubai has bought 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.
Al-Jaber decided to sell the Dubai-based construction business last year 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.