Gibson Dunn advises on UAE’s largest construction sector IPO ever by both valuation and size

Gibson Dunn advised Investment Corporation of Dubai and ALEC in connection with the initial public offering (IPO) and listing of ALEC on the Dubai Financial Market, the UAE’s largest construction sector IPO ever by both valuation and size. This is the second year running that Gibson Dunn was issuer’s counsel on the largest sector IPO in the UAE, following last year’s largest technology sector USD2 billion talabat IPO.

The IPO, which raised gross proceeds of approximately USD381 million, resulting in an implied market capitalization of some USD1.91 billion, also marks the first construction sector IPO in the UAE in over 15 years.

ALEC is a leading diversified engineering and construction group operating in the UAE and Kingdom of Saudi Arabia. ALEC builds and provides construction solutions that set industry benchmarks for innovation, quality, reliability, and operational excellence.

The Gibson Dunn team comprised partners Marwan Elaraby, Ibrahim Soumrany, and Jade Chu and associates Omar Morsy, Krishna Parikh, Rachel Treasure, Vlad Zinovyev, and Anthony Forde.