Law firm Gibson Dunn said it advised the Investment Corporation of Dubai and ALEC in connection with the initial public offering (IPO) and listing of ALEC on the Dubai Financial Market, which is said to be 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 US $2bn talabat IPO.

The IPO, which raised $381mn, resulted in an implied market capitalisation of around $1.91bn. It also signifies the first construction sector IPO in the UAE in over 15 years.

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

The Gibson Dunn team, comprising partners Marwan Elaraby, Ibrahim Soumrany, and Jade Chu, along with associates Omar Morsy, Krishna Parikh, Rachel Treasure, Vlad Zinovyev, and Anthony Forde, provided legal support throughout the process.