ALEC CEO: Well-Placed to Capitalize on Data Center Demand

Bloomberg

Watch ALEC CEO: Well-Placed to Capitalize on Data Center Demand - Bloomberg on Dailymotion

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00:00Let's just start here with the IPO book.

00:03Talk about some of the investors that have been interested in the IPO

00:08and give us some insight into what it looks like over the next few weeks and months.

00:15We've been very happy with the response that we've had.

00:19We've had a big interest from international, regional, and local investors.

00:26So, I mean, we're very comfortable with where we are.

00:28We've had a demand of around about $30 billion, so 21 times coverage.

00:34So we see that as a very positive indication that people see the exciting growth story

00:43that we have to bring to the market.

00:45Would you say there are more investors regionally,

00:48or are you seeing international investors potentially being even more prominent

00:53than the regional investors?

00:54I think we've had a good mix.

00:59We've had a lot of long-stay investors coming out of some of the asset management entities

01:06within the overseas markets,

01:09and then also very strong demand from the region and also the family offices.

01:14Barry, talk about some of the projects that you have on tap within the UAE,

01:23but also around the Gulf.

01:27So our two primary markets of operation are the UAE and Saudi Arabia.

01:32We've built the business on the back of building large, iconic projects in the region.

01:40So some of our landmark projects is one's a real project that we delivered.

01:45We've done a lot of work in the aviation sector.

01:47So Dubai Airport Concourse A and Concourse D have been delivered by us.

01:51And we see this at the moment.

01:54We're in a very exciting market both here and in Saudi Arabia.

02:00Can you talk about excitement, though?

02:02Because some people would say that we're seeing a bit of a property bubble,

02:05at least if you talk about the UAE.

02:08Describe excitement for us and what that looks like for the business.

02:11So our sectors of operation are large-scale iconic building and construction operations,

02:18the energy sector, and then also the aviation sector.

02:22So between Saudi Arabia and Dubai,

02:25I mean in Saudi Arabia our addressable market sits at about 4.3 trillion Saudi reals,

02:32and our addressable market in those three sectors here within the UAE sits at about 2.3 trillion dollars.

02:38So the aviation sector, there's a massive push in Saudi Arabia and in the UAE,

02:45and then that's an area of our expertise.

02:48We're also seeing that in the dollar center space regionally, there's a massive spend.

02:55And so we're very well placed based on our 26-year track record to capitalize on a lot of those up-and-coming projects.

03:03So we're excited and well-positioned.

03:05Who are some of the partners you're working with for those data centers?

03:12So the reasonable players in the market is within Saudi Arabia.

03:19There's two or three entities that have been created, and here within the UAE, there's also under the G42 drive.

03:27So, you know, and also there's, you know, national agendas that are driving the AI initiatives.

03:37Does that potentially mean there's some acquisitions in the pipeline,

03:41or do you plan to work with the G42s and others to get some of these projects off the ground?

03:46So, I mean, we don't have any acquisitions on the horizon at the moment,

03:53and as a business, our strategy, with the exception of the acquisition of Target in 2022,

03:59is to generally go businesses organically.

04:03So at the moment, there's nothing on the horizon,

04:05and we have the ability to scale and build the capacity internally,

04:10capitalizing on our already existing large space.

04:13So, thank you.

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