Dubai Weighs IPO of Construction Firm ALEC Amid Property Boom

Dubai is considering an initial public offering of construction firm ALEC amid a property boom in the emirate that’s pushed commercial and residential real estate prices close to record levels.

State-backed Investment Corp. of Dubai has held early talks on a potential listing, people familiar with the matter said, asking not to be identified as the information isn’t public.

Details of the IPO, such as the size and timing, weren’t immediately available. No final decisions have been made and ICD may still decide against listing ALEC.

Representatives for ICD declined to comment.

An IPO of ALEC Engineering & Contracting LLC ...