Dubai-based construction major ALEC Engineering and Contracting has completed the acquisition of Abu Dhabi-based oil and gas contractor Target Engineering Construction Co to form a joint turnover worth nearly $2 billion.
“This acquisition further advances ALEC’s position in the regional construction industry while simultaneously enabling it to enter and fast-track its strategy of becoming a key player in the Middle East oil and gas sector,” said Khalifa Al Daboos, Deputy CEO at ICD.
ALEC is one of the region’s leading building contractors and is working on landmark projects such as One Zabeel in Dubai and the Natural History Museum in Abu Dhabi.
Established in 1975, Target is a leading EPC contractor offering in-house services for major construction disciplines across both onshore and offshore sectors. The company has worked on major projects including work at ENEC’s Barakah Nuclear Power Plant, ADNOC Gas Processing’s Ruwais LNG Terminal, Saudi Aramco’s Abqiq plant, and ENOC’s Jebal Ali refinery expansion.
Target, previously owned by Arabtec, has an annual turnover of about $408 million and is a significant addition to the ALEC’s business.
“Today’s announcement is a landmark event in the over four-decade long journey of our company”, said Chaouci Yassine, CEO of Target. “We will now benefit from the strong financial position and world-class leadership and project execution capabilities of ALEC. This will fuel our ambitious growth plans across the Middle East as we can now deliver best-of-breed EPC and specialist marine services to an even broader segment of high-profile regional entities.”
