As one of Dubai’s largest contractors, ALEC is positioning itself to capitalise on emerging opportunities across the UAE and GCC, its new CEO Barry Lewis told Arabian Business.
A key project on the horizon is Ras Al Khaimah’s mammoth $3.9 billion Wynn gaming resort, where ALEC holds the primary construction contract.
“The Wynn gaming facility is a fantastic scoop for us – it’s a big job,” noted Lewis of the five-star integrated complex. Spanning over 1,500 hotel rooms along with retail, dining and entertainment amenities, its scale suits ALEC’s specialised capabilities.
After recently completing Abu Dhabi’s SeaWorld and Dubai’s One Zaabeel, the new CEO told Arabian Business that being appointed as the main contractor for the highly anticipated gaming resort was the natural next step for the company.
Ras Al Khaimah casino boom to drive economic growth
Lewis also expects the resort, which is set to be launched by early 2027, to galvanise broader development in Ras Al Khaimah given staffing and auxiliary requirements.
“It’s going to be fantastic for Ras Al Khaimah because it becomes a focal point that is going to stimulate an enormous amount of work. With that facility [comes] staffing requirements and then there’s a whole lot of other resorts that will be developed to grow on the back of it so we already see them pushing the market in Ras Al Khaimah. It’s a fantastic initiative for the emirate,” he added.
“It will drive massive growth,” he contended, anticipating spin-off projects like schools, housing and cleaning and hotel support services. “Everyone wants to be a part of the action.”
Real estate experts have echoed such forecasts in previous interviews with Arabian Business, with analysts predicting surging investor appetite and demand across uses from the project’s tourism and jobs stimulus.
The global casino market, valued at $99.87 billion in 2022, is expected to grow to $145.92 billion this year at a compound annual growth rate (CAGR) of 46.1 percent, largely driven by the Asia Pacific region. The market is projected to reach $163.7 billion by 2027.
Since news of the casino broke early last year, Chinese investors have been increasingly eyeing the UAE, especially Ras Al Khaimah, according to data supplied to Arabian Business by Asia-Pacific-based proptech firm Juwai IQI earlier this month.
While declining to comment on regional gaming expansion, Lewis acknowledged recent regulatory changes and alluded to monitoring sector opportunities.
ALEC has been on a steady upward trajectory in recent years, especially after being awarded the project which has achieved a year-to-date growth in revenue of 25 percent.
Beyond the immediate gaming boom, Lewis remains focused on diversifying ALEC’s portfolio including expanded modular construction where a dedicated business unit spearheads prefabricated volumetric solutions.
“We have an agenda to always be leaders so we’ve been putting a massive emphasis on modular volumetric construction,” he said.
“The next four to five years are going to be an exciting journey for everybody in the sector. I think we’ve seen a big upsurge in the UAE and Saudi obviously, which is a massive market. The challenge is going to be selecting the right projects to make sure that you can deliver on the promise.”
Lewis, who assumed his new role at ALEC earlier this month, took over from Kez Taylor who was previously the CEO of the company for more than 22 years.
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