ASGC Construction

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ASGC Construction
File:ASGC logo.svg
Type of businessPrivate
Founded1989; 37 years ago (1989)
HeadquartersBay Square, Business Bay, Dubai, United Arab Emirates[1]
Key peopleMohamed Saif Bin Shafar chairman
IndustryConglomerate
URLwww.asgcgroup.com
Current statusActive

ASGC (Al Shafar General Contracting Co. LLC) Construction is a construction conglomerate company established in 1989, headquartered in Dubai,[2] UAE. ASGC is one of 26 companies in the Al Shafar Group.[3] In 2020, the company had annual revenues of $1bn and 17,000 employees.[4] It is privately owned by Mohamed Saif Bin Shafar (chairman), Emad Azmy (vice-chairman) and Mohammed Al Sayyah (non-executive director).[4]

History

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The business was established in 1989 by a Dubai national and an Egyptian engineer.[5]

In 2005, projects constructed by ASGC include Dubai's Ministry of Public Works building, the Dubai Police headquarters, Sector 6 of Jumeirah Beach Residence, Al Shatha Tower, and the 67-floor Mohammad Saif Al Shafar residential tower.[6] In 2010, it reported project wins in Abu Dhabi, Dubai and Egypt worth around AED3 billion.[7]

In 2015, it delayed plans for an initial public offering of its shares. Its completed projects then included the Waldorf Astoria on Palm Jumeirah.[5]

In 2016, ASGC, in a joint venture with Kier, was awarded the Bluewaters Island project by Meraas to build more than 700 apartments.[8] In 2019, it was appointed by Meraas to build a cruise liner terminal nearby, between Palm Jumeira and Bluewaters Island.[9][10]

Also in 2016, ASGC started construction of Dubai's $245m (AED900m) Mohammed Bin Rashid Library, reputedly the largest cultural and library project in the Arab world,[11] and won contracts to upgrade concourses at Dubai International Airport.[12]

In May 2020, it became the largest shareholder (with a 15% shareholding) in the United Kingdom's Costain Group,[13][14][15][3][4] as part of Costain's £100 million cash-raising share issue.[16][17] In September 2024, ASGC sold its shareholding in Costain to institutional investors for £38m.[18]

In 2020, ASGC contributed to Dubai's efforts to combat the COVID-19 pandemic,[19][20] during which it was forced to cut around 15% of its workforce (almost 2,300 employees).[21] In Egypt, the firm donated EGP5m to a COVID-19 fund to support seasonal workers.[22] ASGC had initially acquired a 15% stake in the UK-based Costain Group during a £100 million capital raise in May 2020. However, in September 2024, ASGC sold its shareholding back to institutional investors for approximately £38 million.[23]

Clients

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ASGC Construction has worked with various government, public and private organizations. Its government clients have included Expo 2020,[24] Dubai's Roads and Transport Authority,[25] SEHA,[26] ADNOC,[27] Dubai Police,[28] DAEP,[29] Dubai World Trade Centre[30] and New Urban Communities Authority.[31]

Awards

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  • Contractor of the Year – Big Project ME Awards 2021[32]
  • Contractor of the Year – Better Together Awards Expo 2020[33]
  • Dubai Chamber CSR Label 2020[34]
  • Mohamed Bin Rashid Al Maktoum Business Excellence and Business Innovation Awards 2019[35]
  • Contractor of the Year[36] and Excellence in BIM[36] – both in Big Project Awards 2019
  • Contractor of the Year – Big Project Awards 2018[37]
  • Contractor of the Year – MEED 2018[37]

References

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  1. ^ Bay Square, ASCG Group. Retrieved: 28 December 2021.
  2. ^ ASGC to lay off 1000 staff due to delays, Arabian Business, 27 December 2008. Retrieved: 7 May 2021.
  3. ^ a b UAE-based ASGC acquires 15% stake in Costain engineering firm Arabian Business, 9 May 2020. Retrieved: 7 May 2021.
  4. ^ a b c Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  5. ^ a b Dubai contractor asgc is said to delay IPO plan on weak market, Gulf News, 8 October 2015.
  6. ^ Al Shafar upbeat on construction boom in Dubai, Gulf News, 8 April 2005. Retrieved: 7 May 2021.
  7. ^ ASGC bags projects worth Dh3b, Gulf News, 22 November 2010. Retrieved: 7 May 2021.
  8. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  9. ^ Rohma Sadaqat (2 July 2019) Meraas appoints ASGC to build region's most advanced cruise terminal, Khaleej Times. Retrieved: 7 May 2021.
  10. ^ Meraas appoints ASGC to build region’s most advanced cruise terminal in Dubai Harbour, commercial interior design, 2 July 2019.
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  13. ^ Khan, Sarmand (10 May 2020), ASGC takes 15% stake in UK contractor Costain to explore infrastructure opportunities, National News. Retrieved 22 March 2024
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  19. ^ Combating coronavirus: ASGC Group contributes Dh5 million, Khaleej Times, 20 April 2020. Retrieved: 7 May 2021.
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