ALEC Engineering and Contracting (ALEC), part of the Investment Corporate of Dubai (ICD), said it achieved 150 percent year-on-year growth in Saudi Arabia in 2023.

The company established its Saudi headquarters in Riyadh and won four projects last year. This will lead to further investment and expansion in the Kingdom in 2024, the Dubai-based company said in a statement.

“ALEC’s tremendous success in Saudi Arabia is driven not by volume, but rather by a few iconic projects,” CEO Barry Lewis said.

In October 2023, Saudi Arabia’s Qiddiya Investment Company (QIC) awarded the joint venture between ALEC and El-Seif Engineering Contracting a contract to construct part of the Qiddiya Speed Park.

ALEC’s significant investment this year will be fostering local Saudi talent, the statement said. The company has already implemented cadet programmes for the early-stage recruitment and training of Saudi professionals and is also in dialogue with local educational institutions to bolster this initiative.

ALEC Group has over 22,000 employees and over 20 billion Saudi riyals ($5.3 billion) worth of projects in hand in the Kingdom.

(Writing by D Madhura; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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