A. SREENIVASA REDDY (ABU DHABI)
ALEC Holdings said its subsidiary, ALEC Engineering and Contracting, has received a letter of award from the Department of Culture and Tourism – Abu Dhabi for the construction of "The Sphere Abu Dhabi".
The announcement was made in a stock market disclosure issued by ALEC Holdings.
The project is valued at approximately $1.7 billion and is expected to be completed in the third quarter of the financial year 2029, according to the disclosure.
The company said the financial impact of the project is expected to be reflected in its results over the execution period, in line with its revenue recognition policy.
Sphere Abu Dhabi is being developed as a next-generation immersive entertainment venue on Yas Island under a partnership between the Department of Culture and Tourism – Abu Dhabi and Sphere Entertainment. The project is expected to feature advanced audio-visual technologies and large-scale experiential entertainment concepts similar to the Sphere venue in Las Vegas.
In a LinkedIn post, ALEC Holdings described the development as a landmark project that reinforces ALEC’s position as a homegrown UAE contractor capable of delivering globally iconic infrastructure at the highest international standards.
The company said Sphere Abu Dhabi would further strengthen Abu Dhabi’s position as a leading global destination for immersive entertainment and cultural experiences.
“We are honoured by the trust placed in ALEC and look forward to delivering a venue that reflects the ambition, engineering excellence, and long-term vision of Abu Dhabi,” the company said in the post.
Barry Lewis, CEO of ALEC Holdings, described the award as “a defining moment” for the company and “a profound endorsement” of its capability as a UAE-grown contractor.
“This Letter of Award 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,” Lewis said.
“For Abu Dhabi, it demonstrates that world-class infrastructure delivery is not dependent on international contractors,” he added.
Sean McQue, Managing Director at ALEC Construction, said the project is “technically complex and architecturally ambitious” and would require precision in design integration, supply-chain management and on-site execution.
“Our integrated structure and digital engineering expertise uniquely position us to manage such complexity whilst maintaining schedule and cost discipline,” McQue said.
ALEC Holdings is listed on the DFM and has a market capitalisation of about Dh6.75 billion. Investment Corporation of Dubai, the principal investment arm of the Dubai Government, is its majority shareholder.