Construction Company Expands Operations in Saudi Arabia

ALEC, a prominent UAE construction firm known for projects like Dubai's One Za'abeel, is expanding its footprint in Saudi Arabia, currently managing the Qiddiya Waterpark and Speedpark projects. The company is also reportedly considering an IPO and DFM listing. ALEC's growth strategy involves complex projects and strategic acquisitions, with its construction-related businesses, including fit-out, modular construction, and data centers, significantly contributing to overall revenue.

ALEC's expansion includes AJI Rentals, its heavy equipment rental arm, establishing a presence in Saudi Arabia and expanding in the UAE. The acquisition of TARGET Engineering has proven successful, with TARGET securing major engineering, procurement, and construction projects. ALEC achieved a 29% revenue growth in 2024, alongside a 46% workforce expansion to approximately 40,000 employees, and new facilities in Ras Al Khaimah.

The company is focusing on modular construction and MEP works, supported by large-scale production facilities in the UAE. ALEC aims to automate 5% of its construction activities by 2030 through advanced robotic solutions. Looking ahead, ALEC anticipates 2025 as a year of consolidation as several awarded contracts move into active phases.