ALEC Initial Public Offering ALEC Initial Public Offering

ALEC Initial Public Offering (IPO)

ALEC Holdings announced its intention to list 20% of its share capital on the DFM through an initial public offering (IPO).

Emirates Islamic Bank (P.J.S.C.) acting as a Receiving Bank, presents you with the opportunity to subscribe to ALEC’s IPO on the DFM.

ALEC Holdings PJSC (under conversion in Dubai, United Arab Emirates) announced its intention to list 20% of its share capital on the Dubai Financial Market (“DFM”) through an Initial Public Offering (“IPO”).

Subscriptions will open on 23 September 2025.

ALEC’s Investment Proposition

ALEC Holdings (and together with its subsidiaries, “ALEC”) is a market leading diversified engineering and construction group with operations focused on large-scale, complex and iconic building and energy projects in the UAE and the Kingdom of Saudi Arabia (KSA).

  • Longstanding track record of financial and commercial success
  • Operational excellence underpinned by selective tendering process, robust risk management framework, and an innovative approach
  • Unparalleled capabilities to deliver large-scale complex and iconic projects
  • Trusted by a large and growing network of blue-chip clients in the private and public sectors
  • Access to exclusive, high-value projects through bilateral negotiations
  • Strongly positioned to continue capturing significant growth in the UAE and KSA
  • Large secured backlog set to drive visible growth
  • Robust financial profile and significant acceleration in revenue and profits
  • Best-in-class management team supported by an accomplished Board of Directors and shareholder

ALEC in Numbers

Revenue Net Income Net Income Margin Backlog Coverage Ratio1
FY-2024
AED 8,101mn		 FY-2024
AED 363mn		 FY-2024
4.5%		 AED 35.4bn 3.5x
H1-2025
AED 5,362mn		 H1-2025
AED 239mn		 H1-2025
4.5%

1Backlog coverage computed as backlog as of date divided by last twelve months' revenue.

Dividend Policy2

Attractive dividend policy aimed at supporting long-term value

AED 200mn AED 500mn Minimum 50%
For FY-2025 payable in April 20263 For FY-2026 payable in October 2026 and April 2027 Payout ratio of net profit FY-2027 onwards on a semi-annual basis

2Subject to the approval of the Board of Directors and the availability of distributable reserves.
3Excludes the AED 85mn pre-IPO dividend paid to ICD relating to H1-2025 performance.

Key Dates

Key Dates IPO Milestone
23 September 2025 Offer commencement date & price range announcement
30 September 2025 Closing date for all tranches
01 October 2025 Announcement of final offer price
07 October 2025 Final allocation
08 October 2025 Commencement of refunds
08 October 2025 Constitutive General Assembly
15 October 2025 Expected date of listing on the DFM

To learn more about ALEC’s IPO, visit www.alec.ae/ipo or call 04-3160066.

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Ways to Apply

Existing Emirates Islamic customers:

1. Participating Branches: Visit any of the below branches to subscribe.

Region Participating Branches Documentation Requirements
Dubai

Healthcare City Branch
Nad Al Hamar

For Individuals:

The original and a copy of a valid passport or Emirates identity card; and

In case the signatory is different from the Subscriber:

• The duly notarised power of attorney held by that signatory or a certified copy by UAE-regulated persons/bodies, such as a notary public, or as otherwise duly regulated in the country;
• The original passport/Emirates ID of the signatory for verification of signature and a copy of the original passport/Emirates ID; and
• A copy of the passport/Emirates ID of the Subscriber for verification of signature.

In case the signatory is a guardian of a minor, the following will be submitted:

• Original and copy of the guardian’s passport/Emirates ID for verification of signature;
• Original and copy of the minor’s passport; and
• If the guardian is appointed by the court, original and copy of the guardianship deed attested by the court and other competent authorities (e.g. notary public).

For Corporates:

UAE-registered corporate bodies:

• The original and a copy of a trade license or commercial registration for verification or a certified copy by one of the following UAE-regulated persons/bodies; a notary public or as otherwise duly regulated in the country;
• The original and a copy of the document that authorises the signatory to sign on behalf of the subscriber and to represent the subscriber, to submit the application, and to accept the terms and conditions stipulated in the Prospectus and in the subscription form; and
• The original and a copy of the passport/Emirates ID of the signatory.
Abu Dhabi Main Branch Abu Dhabi
Al Ain Branch
Sharjah &
Northern Emirates		 Halwan Branch
Ajman Kalifa Bin Zayed
Ras Al Khaimah Branch
Fujairah Branch

*Customers should have a Valid NIN with DFM for participation.

For more information on the DFM National Investor Number (NIN) and how to apply for one, please visit the DFM website at www.dfm.ae/ or access the DFM FAQs at assets.dfm.ae/other/faqs.

Click here to view our Branch locations.

2. Bank ATMs

Steps to apply:

  • Enter your debit card and pin number
  • Select the IPO subscription option from the main screen and select ALEC Holdings IPO
  • Enter a valid DFM NIN number
  • Select the eligible account number to be debited
  • Enter the amount to invest
  • Select the broker if any
  • The confirmation screen will show the IPO application number and reference number

3. Mobile Applications

Steps to apply via EI + Mobile Banking App:

  • Login to the app
  • Select the option Transfer and Pay
  • Select the option IPO Subscription
  • Select IPO Name
  • Select Category/Tranche
  • Enter Investor Number
  • Agree to Terms and Conditions
  • Select broker name and enter the amount
  • Confirm the details on summary screen
  • Authorise using SmartPass pin

Please ensure that the Mobile Application has been updated to the latest version.

Download the new EI + Mobile Banking App:

     

For Non Emirates Islamic customers (Via Participating Branches only):

  • Certified bank cheque (Manager’s cheque) drawn on a bank licensed and operating in the UAE, in favour of "ALEC - IPO"; and for the investment amount
  • Valid DFM NIN
  • Identification documents as listed above 

To learn more about ALEC’s IPO, please visit: www.alec.ae/ipo.

Disclaimer: This announcement has not been reviewed or approved by the SCA, or any regulator in the UAE or elsewhere, does not form part of the Prospectus, and should not be considered an offer of securities in any jurisdiction. Any decision to invest in the units should be based solely on the information in the Prospectus.

Financing Options

Indicatively Emirates Islamic is offering its existing customers a 1:5 financing for this issue. Pre-approval is required, terms & conditions apply. Please contact your Relationship Manager to discuss financing options.

For further questions related to this offering please visit www.alec.ae/ipo for further details.

Final allocation of shares is at the discretion of the issuer.

To apply for Financing, please click here.

Disclaimer: This announcement has not been reviewed or approved by the SCA, or any regulator in the UAE or elsewhere, does not form part of the Prospectus, and should not be considered an offer of securities in any jurisdiction. Any decision to invest in the units should be based solely on the information in the Prospectus.

Copyright © 2025 Emirates Islamic Bank (P.J.S.C.) is licensed by the Central Bank of the UAE.