ALEC Engineering & Contracting LLC (Ticker: ALEC UH) is a United Arab Emirates–based contractor backed by the Investment Corp. of Dubai. The company is offering 1.0 billion shares, representing a 20% stake, at AED 1.35–1.40 ($0.37–$0.38) per share to raise up to AED 1.40 billion ($381 million). At the top of the range, the IPO values ALEC at about $1.91 billion. Shares are scheduled to list on the Dubai Financial Market on October 15, 2025, following a subscription period ending September 30. ALEC delivers large-scale infrastructure, energy, hospitality, and leisure projects across the UAE and Saudi Arabia, including Abu Dhabi’s SeaWorld and Dubai’s One Za’abeel tower, and is expanding into data centers with a AED 5.3 billion contract for Abu Dhabi’s Stargate project. The IPO is jointly coordinated by Emirates NBD Capital and JPMorgan, with Abu Dhabi Commercial Bank and EFG Hermes as bookrunners and Moelis & Co. as advisor.