ASGC Construction
 | |
| Type of business | Private |
|---|---|
| Founded | 1989 |
| Headquarters | Bay Square, Business Bay, Dubai, United Arab Emirates[1] |
| Key people | Mohamed Saif Bin Shafar chairman |
| Industry | Conglomerate |
| URL | www |
| Current status | Active |
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
[edit]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]
References
[edit]- ↑ Bay Square, ASCG Group. Retrieved: 28 December 2021.
- ↑ ASGC to lay off 1000 staff due to delays, Arabian Business, 27 December 2008. Retrieved: 7 May 2021.
- 1 2 UAE-based ASGC acquires 15% stake in Costain engineering firm Arabian Business, 9 May 2020. Retrieved: 7 May 2021.
- 1 2 3 "Dubai contractor ASGC takes 15% stake in stressed Costain". Global Construction Review. 11 May 2020. Retrieved 7 May 2021.
- 1 2 Dubai contractor asgc is said to delay IPO plan on weak market, Gulf News, 8 October 2015.
- ↑ Al Shafar upbeat on construction boom in Dubai, Gulf News, 8 April 2005. Retrieved: 7 May 2021.
- ↑ ASGC bags projects worth Dh3b, Gulf News, 22 November 2010. Retrieved: 7 May 2021.
- ↑ ankit, Johari (2 February 2016). "UK contractor awarded Bluewaters infrastructure deal". MEED News. Retrieved 2 February 2016.
- ↑ Rohma Sadaqat (2 July 2019) Meraas appoints ASGC to build region's most advanced cruise terminal, Khaleej Times. Retrieved: 7 May 2021.
- ↑ Meraas appoints ASGC to build region’s most advanced cruise terminal in Dubai Harbour, commercial interior design, 2 July 2019.
- ↑ Rousseau, Oscar (15 November 2018). "Dubai's Mohammed Bin Rashid Library passes 70% completion mark". Construction Week. Retrieved 7 May 2021.
- ↑ Foreman, Colin (31 August 2016). "Dubai awards airport upgrade contract". MEED. Retrieved 7 May 2021.
- ↑ Khan, Sarmand (10 May 2020), ASGC takes 15% stake in UK contractor Costain to explore infrastructure opportunities, National News. Retrieved 22 March 2024
- ↑ Morby, Aaron (7 May 2020). "Dubai contractor to take 15% stake in Costain". Construction Enquirer. Retrieved 7 May 2020.
- ↑ Rogers, Dave (28 May 2020). "Costain completes £100m cash raising move". Building. Retrieved 28 May 2020.
- ↑ "Al Shafar takes 15% stake in Costain". www.theconstructionindex.co.uk.
- ↑ "Costain to raise £100m in placing, UAE construction group to take 15% stake". www.sharecast.com.
- ↑ "Dubai contractor exits Costain". The Construction Index. 11 September 2024. Retrieved 11 September 2024.
- ↑ Combating coronavirus: ASGC Group contributes Dh5 million, Khaleej Times, 20 April 2020. Retrieved: 7 May 2021.
- ↑ "Al Shafar contributes AED5 million to the Community Solidarity Fund Against COVID-19". Archived from the original on 2020-04-24. Retrieved 21 April 2020.
- ↑ "Dubai-based ASGC Group said to cut 15% of its workforce". Arabian Business. 26 June 2020. Retrieved 7 May 2021.
- ↑ "COVID-19: ASGC Egypt offers financial aid to un-salaried workers". Archived from the original on 2021-11-19. Retrieved 14 April 2020.
- ↑ "Constructing Dreams: How ASGC is Shaping Dubai's Urban Landscape - VANITY STARDOM". 2024-11-15. Retrieved 2025-08-11.