25/05/2026 00:59 AST

ALEC Engineering and Contracting (Alec) has announced that it has received a Letter of Award (LOA) from the Department of Culture and Tourism - Abu Dhabi (DCT Abu Dhabi) to build Sphere Abu Dhabi, an iconic immersive entertainment venue, coming up on Yas Island.

According to the LOA, valued at $1.7 billion, this will represent a significant expansion of ALEC's portfolio in transformational infrastructure and reinforce the company's position as the preferred delivery partner for Abu Dhabi's most prestigious asset-building initiatives.

The original Sphere in Las Vegas has been reported by the Wall Street Journal as being the highest-grossing arena in the world, drawing $379 million on 1.7 million tickets sold last year.

Sphere Abu Dhabi is being positioned to serve as a comparable global destination, unlocking substantial tourism revenue and helping to increase international visitation while positioning Abu Dhabi as a global centre for next-generation immersive entertainment experiences, said a statement from ALEC.

The Sphere Abu Dhabi LOA validates ALEC's position as a homegrown UAE contractor capable of executing infrastructure projects at the highest international standards, a capability that distinguishes the company within the regional market and affirms investor confidence in its ability to secure and deliver transformational mega-projects repeatedly, it stated.

On the contract win, Barry Lewis, CEO at ALEC Holdings, said: "Receiving the LOA for The Sphere Abu Dhabi represents a defining moment for us, and is a profound endorsement of our capability as a homegrown UAE company. It represents the trust placed in a local organisation to deliver a globally iconic venue that will attract millions of international visitors and establish Abu Dhabi as a world-leading centre for immersive entertainment and cultural experience."

Encompassing the complete design, procurement, and construction of a large-scale, architecturally distinctive venue featuring immersive technology systems, advanced structural and mechanical engineering, bespoke manufacturing and installation, and integrated sustainable building systems, the project further demonstrates ALEC's ability to compete for and secure prestige-level awards in a competitive market, a key indicator of management capability and competitive positioning.

"For our shareholders, this Letter of Award signals ALEC's continued ability to secure transformational, high-value contracts in strategic growth sectors. For Abu Dhabi, it demonstrates that world-class infrastructure delivery is not dependent on international contractors. It's a world-class venue that's rooted here, built here, and managed by a company committed to the emirate's long-term vision," stated Lewis.

"We will be honoured to take up this landmark project, and are confident in our ability to establish it as a global leader in its category," he added.

Sean McQue, Managing Director at ALEC Construction said the Sphere Abu Dhabi was both technically complex and architecturally ambitious. "It will demand precision at every level, from design integration and supply-chain orchestration to on-site execution and quality assurance. Our integrated structure and digital engineering expertise uniquely position us to manage such complexity whilst maintaining schedule and cost discipline," he stated.

"This is infrastructure that will set a global benchmark, and we are committed to delivering it to those standards," he added.


Trade Arabia

ALEC Holdings posts $1.25bn Q1 revenue, up 87%; net profit doubles

11/05/2026

ALEC Holdings, a market-leading diversified engineering and construction group with operations focused on large-scale, complex and iconic buildings and energy projects in the UAE and the KSA, reporte

Trade Arabia

ALEC distributes 28,500 hygiene care packages to construction workers

01/04/2026

ALEC Holdings, a leading diversified engineering and construction group operating in the UAE, and Saudi Arabia, had mobilised its work-force for the Ramadan Donation Drive initiative, thus contributi

Trade Arabia

ALEC Holdings revenue, profits see sharp rise

17/11/2025

ALEC Holdings, a market-leading diversified engineering and construction group with operations focused on large-scale, complex and iconic buildings and energy projects in the UAE and the KSA, deliver

Trade Arabia

Ticker Price Volume
ALEC Sector Market
P/E
Price/BookValue
Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg
Ticker Price Change
ALPHADHABI 7.18 0.08 (1.12%)
MODON 3.01 0.05 (1.68%)
SALIK 5.48 -0.15 (-2.67%)
ADNOCLS 5.82 0.03 (0.51%)
AIRARABIA 4.69 -0.16 (-3.30%)
Oman Fisheries board quits over liquidity crisis

25/05/2026

Oman Fisheries Company has announced the collective resignation of its board of directors and called for an extraordinary general meeting, citing an acute and irreversible liquidity crisis that has l

Muscat Daily

Shurooq, Sanam to develop new K-12 school in Sharjah

25/05/2026

The Sharjah Investment and Development Authority (Shurooq) has announced that it has signed an agreement with Sanam Group's education platform to develop a new K-12 school in the emirate.

Th

Trade Arabia

ADIB, DAMAC ease path to homeownership with new finance solution

25/05/2026

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, and DAMAC Properties, a leading private real estate developer in the Middle East, have launched a landmark home financing plan

Trade Arabia

AD Ports Group sets up consolidated multimodal inland logistics network

25/05/2026

AD Ports Group, a leading global enabler of trade, logistics and industry, has established a consolidated, multimodal inland logistics network of rail-linked dry ports and cargo depots, including KEZ

Trade Arabia

EMSTEEL launches high-strength rebar

25/05/2026

EMSTEEL Group, one of the region's largest publicly traded steel and building materials manufacturers, today announced the official launch of its ES600 high-strength steel rebar, the highest-strength

Trade Arabia