ALEC Engineering and Contracting (ALEC), a part of the Investment Corporation of Dubai (ICD), today announced that it has signed a share purchase agreement to acquire TARGET Engineering Construction Company. With this agreement, the companies will have a joint turnover of close to $2 billion.
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Commenting on this, Khalifa Al Daboos, Deputy CEO at ICD said “For the Investment Corporation of Dubai, this move enables us to align strongly with the UAE government’s ongoing investment into developing world-class critical infrastructure facilities that support its ambition of being an advanced, sustainable economy.”
This move “will enable us to present an even stronger joint value proposition toles customers,” said Kez Taylor, CEO at ALEC.
By acquiring 100 percent of the company, ALEC will now enhance its resources with the significant assets held by TARGET Engineering, including its 11,000-strong workforce, over 30 marine vessels, and 52,000 sqm of API/ASME-certified fabrication facilities.
Additionally, this includes TARGET’s controlling stake in IDROTEC, an Italian specialized marine design engineering firm renowned worldwide for its specialist marine, hydraulic and environmental design for the Oil & Gas sector and marine developments.
That said, TARGET Engineering will continue to operate as an independent entity while drawing on the skills and resources of the broader ALEC Group.
