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Kempinski’s Barbara Muckermann on inclusion, expansion and human connections

Kempinksi has an ambitious expansion plan that includes setting up more than 30 new hotels and residences across the Middle East, Asia, and Africa

Neesha Salian
Neesha Salian

16 September, 2025

Kempinski’s Barbara Muckermann on inclusion, expansion and human connections
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For more than a century, Kempinski Hotels has defined European elegance and timeless service, welcoming royals, celebrities, and travellers seeking a refined sense of luxury. Today, under the leadership of Barbara Muckermann, its first female CEO, the 128-year-old brand is writing a new chapter. With an ambitious expansion plan that includes more than 30 new hotels and residences across the Middle East, Asia, and Africa, Kempinski is embracing the region’s fast-evolving taste for authentic, curated luxury while staying true to its heritage.

In this conversation with Gulf Business, Muckermann reflects on the balance between tradition and reinvention, the power of diversity, and the trends reshaping what true luxury means for the next generation of travellers.

Kempinski is Europe’s oldest luxury hospitality group, and you’re the first female CEO in its 128-year history. How do you balance preserving its European heritage while adapting the brand to the rapidly evolving Middle Eastern luxury market?

Our brand and heritage are tremendous strengths. As Europe’s oldest luxury hospitality group, they speak to timeless elegance, craftsmanship, and a deeper commitment to service excellence. In discovering the history of the brand, I learned that Kempinski has always been in the vanguard of hospitality, originating several service innovations that we take for granted today. In addition, Kempinski has been the first choice for royals, diplomats, and celebrities throughout its history, which helps drive our commitment to luxury.

For the Middle East, where guests’ expectations are constantly evolving, we see an exciting opportunity to reinterpret true luxury in a way that resonates. For example, we are working to increase the number of historic and resort properties in our portfolio, so that loyal guests can stay within the Kempinski ecosystem throughout their travels.

Equally important has been the process of empowering our regional teams and investing in talent and leadership. Incredible experiences and great service aren’t just about polish – they’re about creating experiences that feed the human spirit and help build connections. That human connection is what brings the Kempinski experience to life, wherever we are in the world.

Kempinski plans to add more than 30 new hotels and residences across the Middle East, Asia, and Africa. What specific opportunities do you see in the GCC, and how will you ensure these new properties resonate with local culture and ultra‑luxury expectations?

We see strong growth opportunities within the region, particularly in destinations that position themselves as global lifestyle and cultural hubs – Riyadh, Doha and Dubai for example – as well as emerging leisure destinations such as Oman and Saudi Arabia. We are enhancing our current properties to ensure that they can provide curated, high-touch luxury experiences that go beyond traditional hospitality.

We know from experience that Kempinski guests seek a genuine connection to the places they visit and want to be immersed in the destination, as opposed to feeling they could be anywhere in the world. So, the more of the destination we can reflect, from the moment someone walks into the lobby, the more meaningful and memorable the stay becomes. A big part of that is working closely with regional developers, artists and designers to reflect the aesthetics, values and expectations in every aspect of the guest experience.

Of course, the MENA region is also an important source of outbound travel for properties in Asia, Europe and Africa. We are seeing strong interest from the region across our portfolio, particularly as we add new properties. A great example is the Kempinski Royal Residence Nymphenburg, just outside of Munich, which we started operating this year.

Nymphenburg was the Royal House of Bavaria for more than 200 years and it is more than a luxurious retreat – it is a living monument to royal history and lifestyle, and that distinct offering is proving very appealing to families from the Gulf region.

You’ve emphasised regional structure rather than central control from Geneva. How does this decentralisation enable your Middle East teams to deliver authentic, localised luxury experiences?

We’ve placed a strong focus on deepening our presence in the key regions of Europe and the Middle East. The former because that is where our roots are and where we work with many institutional partners, and the latter to be close to our shareholders and to benefit from the region’s strong growth. This is strategically very important.

One of the first things I wanted to reinforce when I joined Kempinski was the importance of a strong regional structure. We are immensely proud of our heritage and global standards, but true luxury is always local and needs to reflect the cultural context and nuances of each market. By trusting the people who are closest to the experience, we give them the tools and freedom to shape guest experiences in a way that feels authentic.

In practice, this provides for greater agility and deeper cultural alignment. It also builds stronger relationships with our owners, because we’re able to respond quickly and with a real understanding of what success looks like in their specific market.

Building a diverse leadership team is one of your priorities. Could you share how you’ve championed gender diversity and other inclusive practices since taking the helm?

Building a diverse leadership team can truly shape a stronger, more thoughtful brand. When you bring different perspectives to the table, especially in a space like luxury hospitality, it changes the way you think about everything, from design to guest experience. I’ve been very intentional about bringing more women into senior roles, not just because it’s the right thing to do, but because it genuinely improves the way we operate.

As one example, Nadine Al Bulushi, who was the first Omani woman to become a hotel general manager, leads Kempinski Hotel Muscat and was recently named GM of the Year: Oman in the Hotelier Middle East Awards. Rasha Lababidi joined us as chief product officer and immediately started asking the kinds of questions others might not, spotting small but important things that impact how our guests feel. Karin Raguin, who has joined as the new chief human resources officer, is bringing in a lot of knowledge and experience from the luxury goods and fashion industries, helping us to sharpen our focus on the customer.

That’s what true diversity brings – it changes the way we think and the way we work.

We’re working to make this part of our culture. Whether it’s hiring, mentoring, or developing talent, the goal is to create a space where different voices can grow and lead.

Having driven innovation at Silversea, how are you applying that mindset to Kempinski’s properties in the Middle East, be it through wellness initiatives, digital enhancements, or bespoke culinary experiences?

The mindset of innovation already runs deep in the Kempinski DNA. This is a brand that has always looked for ways to elevate the guest experience, from being among the first to combine entertainment with dining, to launching one of the world’s first weekend resorts. The question now is, how do we carry that legacy forward and make it relevant in 2025?

There are a lot of learnings we can take from the cruise industry into the hotel industry. Hotels have the advantage of completely controlling the product because they’re purpose-built destinations, so you can create a unique and seamless guest experience.

From a functional perspective, we need to focus more on the directionality of demand, because nobody ever showed up in port and said, “I want to take a cruise today”, and yet it happens every day in hotels. So, there is room to rethink the hospitality sector’s current business model, manage demand differently, and provide a more solid and memorable product to guests in parallel.

Key trends that are redefining the hospitality sector – any ones you are keenly focused on.

We’re seeing a clear move towards brand consolidation. For years, the industry has focused on rapid expansion and diversifying brand portfolios, but that’s starting to shift. Guests want to know exactly what a brand stands for and the winners will be those who stay focused and build real emotional connections with guests – not just scale. For Kempinski, this means going back to luxury and redefining and strengthening our luxury appeal, using the strength of our European perspective to make us different and unique – the market only pays for difference and uniqueness.

We can also see a meaningful change in how luxury is defined. Today’s travellers aren’t looking for excess or extravagance, they’re looking for experiences that feel authentic and tailored to who they are and what they need at that point in time. This idea of ‘quiet luxury’, where refinement is subtle and intuitive, is becoming increasingly relevant. At the same time, we can see a rise in adventurous travelers who are curious about the destinations they visit. This opens up a tremendous wealth of opportunities for hoteliers and operators to craft more immersive, story-driven experiences.

Wellness is another area that has become non-negotiable. It’s no longer limited to spa offerings. We’re seeing holistic wellbeing presented across different touchpoints throughout the entire stay. Whether it’s sleep, movement, nutrition, or a sense of calm, guests are expecting wellness to be woven into the full experience, and this is a key pillar that we’ll be focusing on at Kempinski. You can expect to see these experiential changes in the Kempinski offering in the coming months.

Red Sea Global to open Shura Island resorts, golf course soon

Shura Island will eventually feature 11 resorts, with additional openings planned in the coming months

Neesha Salian
Neesha Salian

15 September, 2025

Red Sea Global to open Shura Island resorts, golf course soon
Image: Supplied

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Red Sea Global (RSG), the Saudi developer behind The Red Sea and AMAALA tourism projects, will open the first phase of resorts and attractions on Shura Island in the coming weeks, marking a key milestone in the kingdom’s efforts to expand luxury tourism.

The initial launch includes the debut of three hotels, SLS The Red Sea, The Red Sea EDITION, and InterContinental The Red Sea Resort, as well as Shura Links, the country’s first island golf course.

“As the heart of The Red Sea, Shura Island represents everything Red Sea Global stands for: bold ambition, deep respect for nature, and a commitment to redefining tourism in Saudi Arabia and beyond,” said John Pagano, group CEO of RSG. “With the soft opening of Shura in the coming weeks, we move closer to achieving our mission to set new standards in regenerative tourism, while realising Vision 2030.”

Read: Red Sea Global’s CEO shares how the firm is delivering on Saudi’s tourism agenda

Red Sea Global’s Shura Island to be home to 11 resorts

Shura Island will eventually feature 11 resorts, with additional openings planned in the coming months, including properties operated by Faena, Fairmont, Four Seasons, Grand Hyatt, Jumeirah, Miraval, Raffles, and Rosewood.

Designed by Foster + Partners under the “Coral Bloom” concept, the dolphin-shaped island integrates architecture with surrounding coral reefs and runs entirely on renewable energy, RSG said.

The destination will be accessible by boat or electric vehicle across the 3.3-kilometre Shura crossing, which includes Saudi Arabia’s longest internal bridge. Red Sea International Airport, already serving domestic and international routes, will add direct Qatar Airways flights from next month.

Alongside its resorts, Shura Island will also host a limited collection of homes, with the first properties expected to be handed over in late 2025.

Shura Links, the 18-hole golf course opening this month, has been designed with sustainability in mind, using eco-friendly water and landscaping systems.

RSG said its wider projects across The Red Sea and AMAALA are expected to create 120,000 jobs, supporting the Kingdom’s Vision 2030 goals of economic diversification and sustainable development.

Money20/20 Middle East kicks off as fintech momentum builds in Saudi Arabia

The event features more than 450 exhibiting brands, over 600 investors and upwards of 45,000 attendees

Neesha Salian
Neesha Salian

15 September, 2025

Money20/20 Middle East kicks off as fintech momentum builds in Saudi Arabia
Image courtesy: Tahaluf

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Money20/20 Middle East began today at the Riyadh Exhibition and Convention Centre in Malham, marking a major step in the kingdom’s ambition to cement its role as a global fintech hub under Vision 2030. The event will run until September 17.

The event follows the success of 24 Fintech in September 2024, which drew 37,000 attendees, 300 exhibitors, and more than 350 investors. The new edition is nearly double in scale, with over 450 brands, 600 investors, and upwards of 45,000 participants.

Anchored by the theme “Where Money Does Business”, the three-day conference features a high-profile speaker line-up including US CFTC acting chair Caroline D Pham; Ant International president Douglas Feagin; Standard Chartered’s chief data officer Dr Mohammed Rahim; and SWIFT chief innovation officer Tom Zschach.

Sessions across seven stages will cover AI in finance, embedded finance, regulatory harmonisation, and inclusive innovation.

Highlights include Venturescape, a pre-event platform for venture capital deal-making, and the MoneySurge20/20 Pitch Competition, offering $400,000 in equity-free funding for startups.

What participants and attendees have to say about Money20/20

For many, Money20/20 is more than just another fintech gathering. Participants describe it as a rare forum where global players and regional leaders meet on equal footing. Founders view it as a chance to secure capital and partnerships, while banks and regulators see an opportunity to shape the future of finance at a time when policy and innovation are converging in the kingdom and wider Gulf.

We spoke to several attendees, including speakers, about the importance of the event and the opportunities it creates. Their perspectives highlight the different forces shaping the fintech ecosystem — from capital structures and regulation to inclusivity and savings culture — and why Riyadh has become the stage for these conversations. Here are excerpts from discussions.

Armineh Baghoomian, MD and head of EMEA, and co-head of Global Fintech at Partners for Growth, said: “At Money20/20 Middle East, the conversation around funding choices for fintechs is more critical than ever. In markets like Saudi Arabia, equity can be overly dilutive, and commercial banks often lack the flexibility to finance fast-evolving businesses effectively. Growth debt fills that gap, providing a flexible, founder-friendly alternative that enables companies to scale strategically into new markets, invest in talent, or accelerate product development, without giving away too much ownership too soon. At Partners for Growth, we’ve pioneered growth debt globally for over two decades and are proud to bring that expertise to the GCC. In Saudi Arabia, Vision 2030 and the Financial Sector Development Program are fueling fintech innovation at pace, and debt is an essential part of the funding landscape. Partners for Growth was one of the first to introduce structured facilities for fintech in the region, including Sharia-compliant structures, and we have already committed close to $400m to support innovative companies across the GCC.

“I look forward to speaking on the ‘Capital Crossroads: When Should Fintechs Choose Equity, Debt or Credit’ panel to dig into the funding choices fintech founders face. The right capital structure can be the difference between incremental progress and transformative growth, and growth debt is increasingly at the heart of that decision.”

Hisham Al-Falih, co-founder and CEO of Lean Technologies, said: “Money20/20 comes at a time when fintech in the Middle East is moving from the sidelines to the very centre of economic transformation. In Saudi Arabia, the support of Vision 2030 and forward-thinking regulators has created the conditions for this shift, where real-time payments, open financial access, and data-driven innovation are becoming the foundations of a modern economy.

“At Lean, we are building the infrastructure behind this change. It’s what allows the likes of Tabby to extend credit to thousands of consumers traditional lenders overlooked, and what will soon enable freelancers, long excluded from traditional banking, to access the capital they need to grow. Together, these developments signal a financial system being rebuilt for the realities of a digital, inclusive economy, and this is only the beginning of what’s possible for the next generation of financial innovation across MENA.”

Hasan Haider, managing partner, +VC, said: “Money 20/20 is a reminder of how fast fintech is evolving and how much momentum is flowing into the GCC, supporting Saudi Arabia’s Vision 2030 and the Financial Sector Development Program. The conversations around open banking, embedded finance, AI, and regulation speak directly to the realities early-stage founders face. Open banking is unlocking new competition, embedded finance is reshaping customer journeys, AI is moving from hype to practical tools, and regulators are accelerating frameworks for growth. These shifts create opportunity, but for founders, raising capital at this stage remains one of the biggest pain points. Too often it is slow, complex, and lacking in meaningful support.

“At +VC, we exist to change that. We invest early, with transparent terms and rapid decisions, and then partner deeply with founders through mentorship, community, and capital access. This approach has already supported fintech innovators such as Capifly in Saudi Arabia with Sharia-compliant venture finance, Holo in the UAE digitising mortgages, and Mantas building parametric insurance for cloud outages. Our vision is clear: to be the partner of choice for high-growth founders who can execute in these fast-moving spaces. Saudi fintech is just beginning, and we are committed to helping build its category-defining companies.”

Naif AbuSaida, founder of Hakbah, shared, “The Middle East’s fintech sector is poised for significant innovation and growth, as the region strengthens its position as a global financial services hub. In H1 2025 alone, fintech funding tripled YoY to $596m, representing 39 per cent of total capital secured across MENA. Capitalising on this momentum, Money20/20 Middle East is showcasing what the next decade of fintech in the Middle East looks like; the positive impact of public-private partnerships and collaboration; and how innovation in financial services is poised to drive economic growth on a global scale and further contribute to the region’s economic diversification.

“We are delighted to be speaking at the event to illustrate the transformative impact of AI and technology on the region’s savings industry. With more than 1.3 million registered users – 70 per cent of whom are under the age of 30 – there is clear evidence of strong demand for digital solutions that help to transform people’s savings habits. This momentum is helping to build, enable, and empower a new, fully inclusive savings culture in Saudi Arabia, in line with the National Household Savings and Financial Literacy strategy.”

beIN launches beIN STREAM to expand digital footprint in UAE

The beIN STREAM device is now available across the UAE at beIN SHOPS in Yas Mall (Abu Dhabi) and Al Manar Mall (Ras Al Khaimah), through authorised distributors, and online via Amazon.ae, Virgin Megastore, and Noon

Gulf Business
Gulf Business

15 September, 2025

beIN launches beIN STREAM to expand digital footprint in UAE
Image: Supplied

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beIN MEDIA GROUP, the global sports and entertainment media networks, has officially launched its new subscription service, beIN STREAM, in the United Arab Emirates.

beIN STREAM offers UAE audiences seamless access to premium sports and entertainment content via a Wi-Fi-enabled streaming device that connects directly to any smart TV. Built for convenience and flexibility, the service delivers live and on-demand viewing experiences without long-term commitments.

Subscribers can enjoy exclusive beIN SPORTS coverage, including the UEFA Champions League, tennis Grand Slams, and Formula 1, alongside blockbuster films and top entertainment channels. Each subscription also comes with complimentary access to the beIN CONNECT app, allowing users to stream content anytime, anywhere, across multiple devices.

Read: beIN-backed ACE shuts down Streameast, the world’s largest sports piracy network

The beIN STREAM device is now available across the UAE at beIN SHOPS in Yas Mall (Abu Dhabi) and Al Manar Mall (Ras Al Khaimah), through authorised distributors, and online via Amazon.ae, Virgin Megastore, and Noon.

The launch underscores beIN’s commitment to expanding its digital services and making world-class content more flexible and accessible to diverse audiences in the region.

For more details, visit: bein.com/beinstream

Middle East banks brace for deepfake-driven identity fraud

Middle East banks must shift from reactive to proactive defence strategies, says LexisNexis Risk Solutions director

Rajiv Pillai
Rajiv Pillai

15 September, 2025

Middle East banks brace for deepfake-driven identity fraud
Rob Woods, director, fraud and identity, LexisNexis Risk Solutions/Image: Supplied

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Financial institutions across the Middle East are facing a new wave of digital fraud, with synthetic identities and AI-powered deepfakes testing the resilience of traditional verification processes. According to Rob Woods, director, fraud and identity, LexisNexis Risk Solutions, the region’s unique demographic and regulatory environment creates both opportunity and vulnerability.

Why the Middle East is a prime target

“The region’s broad diversity of international expatriates living, working and traveling creates a range of identity verification requirements. This complexity allows fraudsters to exploit uncommon identity types to bypass verification processes,” Woods explains. With millions of people moving through the region every year, verification systems can become fragmented, leaving space for fraudsters to innovate.

Advances in generative AI have only sharpened the threat. “Deepfake technology has advanced significantly in the past two to three years thanks in large part to AI. Fraudsters now use these widely accessible consumer tools to create real-time overlaying deepfakes in minutes,” says Woods. The sophistication of these fakes means “humans increasingly struggle to differentiate between authentic and fake videos or images.”

Traditional security controls such as manual reviews or static document checks are no longer sufficient. “AI-powered technology designed to detect deepfakes provides the most effective solution against AI-generated fraud,” Woods stresses.

For banks, the shift to digital-first customer onboarding is a double-edged sword: it enables scale and convenience but also opens the door to AI-enabled synthetic identities. “Detecting legitimate customers in digital onboarding has become progressively more challenging due to high-quality AI-generated deepfakes and the prolific use of synthetic identities,” Woods notes.

He adds that relying heavily on manual processes creates bottlenecks and worsens customer experience. Instead, “banks can use machine learning and deep neural networks to quickly adapt to new fraud tactics. Advanced technological solutions provide the most reliable detection against these attacks.”

Behavioural biometrics as a differentiator

Among the emerging solutions, behavioural intelligence is proving particularly effective. “To detect fraud, behavioural intelligence analyses device signals, such as how a person has historically typed or swiped on a device versus how they are attempting to interact today,” Woods explains.

By identifying subtle differences in how a genuine user engages with their device, banks can spot red flags early. “When combined with deepfake detection, layers of intelligence help differentiate genuine users from synthetic ones,” he adds.

Despite these technological advances, a lack of systemic collaboration remains a weakness in the region. “Fraud prevention is hampered by the lack of a unified online identity system and inconsistent privacy regulations across countries. Companies often hesitate to share information, citing competitive concerns,” says Woods.

He highlights positive momentum in the UAE, where banks are already collaborating within a digital community to exchange fraud intelligence. “Adopting privacy-by-design principles enables fraud intelligence sharing through unique digital identities,” he explains. “Risk insights from data consortiums also play a key role.”

Not all institutions can deploy large-scale, custom fraud detection systems. Smaller banks and fintechs often struggle with budget and resource constraints. But Woods believes scalability is possible through collaboration. “Organisations of any size can join a global community of like-minded entities to share knowledge and combat fraud as a network,” he says.

Through platforms such as LexisNexis Risk Solutions, “tier-one banks, small lenders and fintechs” can tap into shared fraud intelligence and continuous machine learning updates. “An AI-powered solution that enables document authentication and biometric verification helps organisations confidently approve trusted transactions while detecting deepfakes and forged documents,” Woods explains.

The case for regional cooperation

With fraud rings now operating like professional networks, the region needs an equally networked response. “Fraud rings today operate like corporations. They are highly matrixed and networked with one another. What’s the best way to fight a network? The answer is a network that shares risk insights,” Woods argues.

Here, regulators and law enforcement play a pivotal role. “Fraud risk insights become more effective when regulators and law enforcement actively engage by sharing intelligence that leads to arrests and convictions,” he says. Ensuring compliance with privacy laws while enabling secure intelligence exchange will be crucial for long-term resilience.

Woods emphasises that effective fraud prevention cannot come at the cost of user experience. “Fraud prevention and a great customer experience are both business-critical. Both can be achieved at the same time,” he notes.

Read: UAE cyber body warns of rising breaches linked to public wi‑fi use

The solution lies in a risk-based, intelligence-driven approach. “Adding too many layers of authentication or low-tolerance fraud interventions may reduce fraud but risks alienating genuine users. By leveraging frictionless intelligence and network-based decisioning behind the user journey, banks can improve the experience for legitimate customers while applying risk-based authentication to higher-risk transactions.”

The road ahead: new fraud typologies

Looking ahead, Woods expects the fraud landscape in the Middle East to evolve further. “Middle East banks will see a continued rise in authorised push payment fraud and scams, including impersonation and purchase scams,” he says.

“As banks in the GCC improve fraud and authentication controls, fraudsters may involve customers in fraudulent activities to disguise their operations,” Woods warns. To stay ahead, institutions must adopt adaptive, AI-driven tools capable of detecting emerging fraud tactics in real time.

Middle East banks must shift from reactive to proactive defence strategies. Technology, intelligence-sharing, and regulatory alignment will be key to building resilience.

IPO update: ALEC Holdings plans to list on Dubai Financial Market

Subscription for all tranches will open on September 23 and close on September 30

Neesha Salian
Neesha Salian

15 September, 2025

IPO update: ALEC Holdings plans to list on Dubai Financial Market
Image courtesy: ALEC Holdings

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ALEC Holdings, a Dubai-based engineering and construction group, said on Monday it plans to list 20 per cent of its share capital on the Dubai Financial Market (DFM) through an initial public offering (IPO).

The Investment Corporation of Dubai (ICD), the company’s sole shareholder, will sell one billion shares in the offering, which opens on September 23 and closes on September 30.

ICD retains the right to amend the size of the offering before the end of the subscription period, subject to laws and approval from the Securities and Commodities Authority (SCA).

Shares are expected to begin trading on or around October 15 under the ticker “ALEC”.

The Internal Shariah Supervision Committee of Emirates NBD Bank has confirmed that the offering is compliant with Shariah principles.

The IPO will be open to individual subscribers, professional investors outside the United States, and eligible employees of ALEC and ICD.

ICD will hold 80 per cent of ALEC’s issued share capital after the IPO, assuming all shares are sold.

ALEC, founded in 1999 and acquired by ICD in 2017, is active in large-scale, complex and iconic construction and energy projects across the UAE and Saudi Arabia.

It has built projects including One Za’abeel in Dubai, SeaWorld Abu Dhabi and Dubai Hills Mall.

Alec Holdings’ reports H1 revenue of Dhs5.4bn

The company reported revenue of Dhs8.1bn in 2024, up from Dhs6.3bn in 2023. Its revenue hit Dhs5.4bn in H1 2025.

Net income reached Dhs363m in 2024, compared to Dhs238m in 2023. Its backlog stood at Dhs35.4bn as of June 30.

ALEC said it intends to pay a cash dividend of Dhs200m in April 2026 and Dhs500m for the 2026 financial year, payable in October 2026 and April 2027. Thereafter, it expects to pay dividends semi-annually, with a minimum payout ratio of 50 per cent of net profit.

Chairman Hussain Nasser Lootah said: “This IPO is a natural next step in ALEC’s journey. Over the past two and a half decades, we have built a strong reputation as a trusted regional leader… We enter the public markets from a position of strength.”

CEO Barry Lewis said the IPO reflects ALEC’s growth and opportunities in the UAE and Saudi Arabia. “Our strategy is clear and focused: expand our UAE leadership… and target high-profile Saudi giga-projects that match our expertise,” he said.

Emirates NBD Capital and J.P. Morgan are joint global coordinators and joint bookrunners.

Abu Dhabi Commercial Bank and EFG-Hermes are joint bookrunners, while Moelis & Company UK LLP DIFC Branch is independent financial adviser.

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