Alec unit wins $500m GCC construction contracts

Alec Holdings, the Dubai government-owned construction company, has said a subsidiary has won three construction contracts across the GCC.

The engineering, procurement and construction (EPC) contracts, worth $500 million, were awarded to Target Engineering Construction Company, Alec said in a statement to Dubai Financial Market.

The projects are due to be completed in 10, 21 and 36 months. The location and details were not disclosed.

Last month Alec Engineering and Contracting, another subsidiary, won a $1.7 billion contract to build the Sphere Abu Dhabi entertainment venue.

Alec’s net profit doubled year on year to AED230 million ($62 million) in the first quarter of 2026, supported by an 87 percent increase in revenue to AED4.6 billion.

Founded in 1999, Alec became a subsidiary of the Investment Corporation of Dubai, the principal investment arm of the Dubai government, in 2017. Its flagship projects include One Za’abeel, a mixed-use development in Dubai; the SeaWorld Abu Dhabi marine theme park; and Dubai Hills Mall.

Its shares closed 0.7 percent lower at AED1.47 on Friday, down nearly 7 percent so far this year.

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