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.

Engel & Völkers Middle East, a provider of real estate services, has identified a notable shift in Dubai’s residential property market.

Increasing numbers of tenants, particularly families and young professionals, are transitioning to homeownership, moving away from the rental cycle to secure long-term financial stability and lifestyle benefits.

Read more-Buying or renting in Dubai? The 2025 market guide you can’t ignore

This behavioural shift is supported by hard data: secondary market sales rose by 22 per cent in the first eight months of 2025 compared to the same period last year. The trend reflects growing confidence among residents who are increasingly viewing Dubai not just as a temporary home, but as a permanent base for family and business life.

“For many tenants, ownership is no longer aspirational; it’s becoming the preferred choice for long-term security and value creation,” said Daniel Hadi, CEO of Engel & Völkers Middle East.

Dubai defies global slowdown

As global real estate markets face slowdowns, Dubai’s property sector continues to chart a divergent course. Market resilience is being driven by strategic government policy, robust infrastructure, and forward-looking economic diversification. Investor-friendly regulations, tax efficiency, and a secure business climate continue to attract capital from around the globe.

“Dubai continues to attract global capital through its investor-friendly environment, safe and stable governance, and dynamic economic diversification,” noted Mahdi Amjad, founder and executive chairman of Omniyat Group. “We see the growing appetite for design-led, experiential living of world-class standards, something Dubai delivers unlike any other city.”

Projects like Lumena by Omniyat, located on Sheikh Zayed Road and at the gateway to Business Bay, are a testament to this evolving demand. Global investors are increasingly drawn to lifestyle-focused real estate, blending wellness, design, and work into seamless urban experiences.

Dubai’s unique edge lies in its blend of large-scale ambition and clear regulatory frameworks, positioning it far ahead of many global cities in real estate innovation.

“It’s a place where ambitious ultra-luxury projects are underpinned by smart urban planning and regulatory clarity,” added Amjad. “From a developer’s lens, what sets Dubai apart is its ability to fuse lifestyle with investment. At OMNIYAT, we’ve been able to collaborate with global creative talents, creating living experiences that simply don’t exist elsewhere.”

August market data highlights strong demand

August 2025 marked a major milestone for Dubai’s residential market, with 17,879 transactions totaling Dhs42.4 billion. This reflects a 17 per cent increase in transaction volume and a 12 per cent rise in value year-on-year, according to Engel & Völkers.

Off-plan sales dominated the market, rising 25 per cent year-on-year and accounting for nearly 75 per cent of all transactions. Meanwhile, the secondary market maintained strong momentum, driven primarily by end-user demand.

The market showed strong appetite for larger properties. Sales of four-bedroom homes rose by 70 per cent, while transactions involving five-bedroom or larger properties surged 63 per cent over the past year.

Price growth remains robust

Dubai’s property prices continued their upward trajectory in August. Data from Property Monitor shows the average price reaching Dhs1,664 per square foot, up 16.3 per cent compared to last year.

Lifestyle-centric villa communities have seen the most significant gains:

• Victory Heights: +37.0 per cent
• Dubai Hills Estate: +26.0 per cent
• Arabian Ranches: +23.2 per cent

Apartments also saw notable appreciation in:

• Jumeirah Village Triangle: +29.3 per cent
• Jumeirah Village Circle: +17.0 per cent

Global yields, local advantage

Dubai’s rental yields continue to outperform those in other prime cities globally. In August, gross yields stood at:

• 6.76 per cent overall
• 7.12 per cent for apartments
• 4.92 per cent for villas

These figures remain comfortably above those of global hubs like London (3–5 per cent), Singapore (3–4 per cent), and New York (5–7 per cent). The strength of Dubai’s yields is underpinned by population growth, a surge in business formations, and limited availability of premium rental stock.

Although leasing volumes declined 4 per cent year-to-date, with new contracts falling 14 per cent and renewals up 2.6 per cent, the data points to a larger trend: a growing preference for ownership, particularly in the luxury segment.

The number of large villa leases has dropped in double digits, highlighting that families are increasingly moving toward purchasing rather than renting, especially in premium communities.

Demand remains international and diverse

Dubai continues to be a magnet for international investment. Buyers from Europe, the Middle East, and Asia remain active, particularly in the off-plan market. Indian, British, German, Egyptian, and Chinese investors are especially prominent in recent activity.

Residents, however, are the main drivers of the booming resale market. Mortgages play a key role in enabling this shift, with competitive loan-to-value ratios of 70–80 per cent and interest rates hovering around 3.9 per cent. Flexible developer-backed payment plans and cash transactions are further fueling the off-plan segment.

“Dubai’s market today is being fueled by a dual dynamic: strong global investment flows into off-plan projects and a clear shift among residents toward homeownership,” said Hadi. “August’s activity reflects both the city’s international appeal and the growing number of long-term residents putting down roots.”

A future focused on long-term value

Looking ahead to the final quarter of 2025, Engel & Völkers anticipates continued momentum in both off-plan and resale markets. Developers are likely to remain aggressive with launches and incentives, while the resale segment will benefit from population growth, end-user demand, and accessible mortgage financing.

“Dubai’s property market is no longer just about short-term investment cycles. It is increasingly about residents choosing to establish roots here, buying homes for security, lifestyle, and long-term value creation. This shift is set to define the next phase of the city’s real estate story,” Hadi concluded.

Amjad agrees: “The market will move from volume to value. We anticipate sustained demand in the ultra-luxury segment, driven by global citizens seeking exceptional lifestyles, design, and a sense of belonging. At OMNIYAT, we’ll continue to respond to this evolution by shaping spaces that blend architecture, art, and hospitality into a new paradigm of urban living.”

The wait is almost over. The Gulf Business Awards 2025, the region’s premier platform for recognising excellence and innovation across industries, is now less than 10 days away.

Taking place on September 24, 2025, at The Westin Dubai Mina Seyahi, the awards will once again bring together the Gulf’s most influential business leaders, innovators, and decision-makers for an evening of recognition and high-level networking.

Now in its 13th edition, the Gulf Business Awards continues to honour outstanding achievements across sectors including banking, real estate, healthcare, technology, energy, and tourism. From disruptive startups to established conglomerates, the event celebrates those shaping the future of the Gulf economy.

With the countdown underway, businesses and executives are being encouraged to book their tables now to ensure their place at one of the region’s most anticipated events of the year.

Reserve your table here.

More information about the awards and the shortlist can be found here.

UAE-based Space42 and US satellite operator Viasat said they plan to launch a joint venture, Equatys, aimed at delivering global direct-to-device (D2D) services and upgrading existing mobile satellite services to a 5G environment.

The venture will combine satellite and terrestrial networks using a 3GPP non-terrestrial network compliant platform that can be accessed by standard smartphones and IoT devices.

It is expected to support more than 100 MHz of harmonised mobile satellite spectrum allocated across over 160 markets.

Commercial rollout is targeted within three years.

Space42-Viasat JV operating model

Equatys will adopt what the partners called a “space tower company” model, offering shared multi-orbit space and ground infrastructure to lower capital costs and improve spectrum utilisation. The design is intended to complement terrestrial networks and reduce duplicate investments across the industry.

“Equatys will achieve what the satellite industry has pursued for decades: combining the scale of terrestrial networks with the efficiency of space,” said Karim Sabbagh, managing director of Space42, and Ali Al Hashemi, CEO of Space Services at Space42, in a joint statement.

“The promise of universal connectivity is now becoming a reality.”

Mark Dankberg, Viasat’s chairman and CEO, said the venture would create a shared, multi-orbit network with standards-based architecture.

“By leveraging high-performance transparent satellite architectures and shared infrastructure, the network will deliver cost-efficient capacity and use 5G New Radio standards evolving the existing deployed MSS services including, for example, the safety of air, land, and sea,” he said.

Space42 was formed in 2024 through the merger of Bayanat and Yahsat.

Shareholders include G42, Mubadala and IHC. Viasat completed its acquisition of Inmarsat in 2023.

The companies said the new entity will operate as a neutral infrastructure provider, with phased equity offerings expected to allow additional investors to join as the system scales.

Read: Space42 reports resilient H1, boosted by optimised ops, strategic execution

The Federal Tax Authority (FTA) has issued a renewed call to all UAE-based businesses and taxable entities to proactively prepare for and submit their Corporate Tax Returns within the legally mandated deadlines. The announcement, made on September 14, stresses the importance of timely submission and payment of Corporate Tax Payable, in order to avoid the imposition of late payment penalties and non-compliance fines.

Read more-Dubai’s Tax Star launches UAE’s first AI-powered corporate tax software

The authority emphasised that meeting statutory deadlines is a key pillar of the UAE’s evolving corporate tax framework, which is designed to enhance transparency, promote compliance, and ensure a fair tax environment across sectors.

Nine-month filing window: Who must comply

According to a report by the Emirates News Agency (WAM), the FTA stated that all Taxable Persons subject to Corporate Tax, as well as Exempt Persons who are required to register, must submit their tax obligations within a specific window: no later than nine (9) months from the end of their relevant Tax Period.

For Exempt Persons, the same nine-month rule applies but is calculated from the end of their financial year. This requirement also includes the submission of annual declarations in cases where Tax Returns are not mandated.

The authority’s clarification is aimed at reinforcing the responsibilities of both taxable and exempt entities under the newly introduced Corporate Tax regime, underscoring that awareness of filing deadlines is essential for compliance.

Penalties for delays: Dhs500 to Dhs1,000 per month

To discourage non-compliance, the FTA detailed the financial penalties that will be imposed on businesses failing to file or pay on time. The penalties are structured as follows:

• Dhs500 for each month or part thereof for the first 12 months of delay
• Dhs1,000 for each subsequent month or part thereof starting from the 13th month

These penalties apply independently to both the submission of the Tax Return and the settlement of Corporate Tax Payable, making timely action critical for businesses of all sizes.

Who can file: Flexibility with responsibility

The FTA has also clarified that Tax Returns can be filed either directly by the Taxable Person or through an authorised representative, which may include a registered tax agent or legal representative. This flexibility is intended to help businesses choose filing options that best suit their operational needs.

However, the authority cautioned that inaccurate information, failure to fulfil administrative requirements, or violations of the filing process may result in additional penalties under the Tax Procedures Law and the Corporate Tax Law.

EmaraTax platform: 24/7 digital filing access

Central to the FTA’s strategy for boosting compliance is the EmaraTax digital tax services platform, which plays a vital role in enabling businesses to manage their tax obligations efficiently. The platform is a key component of the authority’s broader digital transformation initiative, aimed at improving the taxpayer experience and promoting voluntary compliance.

The EmaraTax platform supports a wide range of functions, including:

• Corporate Tax registration
• Filing of Tax Returns
• Payment of Corporate Tax Payable
• Access to other tax-related services

Available 24/7, the platform is continuously updated to ensure that users have a transparent, reliable, and user-friendly interface for all their tax procedures.

Nationwide awareness campaigns and stakeholder engagement

To further strengthen compliance, the FTA has rolled out multiple awareness campaigns across the country. These initiatives aim to educate taxable persons about key aspects of the Corporate Tax system, including:

• How to register for Corporate Tax
• Steps to file Tax Returns
• Procedures to settle Corporate Tax Payable

In addition to educational efforts, the FTA continues to engage directly with businesses to gather feedback, understand practical challenges, and identify solutions. This dialogue helps ensure that implementation of the Corporate Tax Law proceeds smoothly, without causing business disruption.

Stay informed: All resources available online

The FTA concluded by urging all stakeholders to thoroughly review the full body of legislation related to Corporate Tax. This includes the Corporate Tax Law, as well as Cabinet Decisions, Ministerial Decisions, FTA Decisions, public clarifications, and various guides and awareness materials.

These resources are all publicly accessible via the FTA’s official website.