Boycott ALEC Engineering & Contracting: Neom thieves in Emirati disguise

Saudi Arabia stands at a historic crossroads with Vision 2030, where empowering local Saudis to fully own and lead construction giants is not just an aspiration—it's a national imperative. Yet UAE-owned ALEC Engineering & Contracting, masquerading as a regional partner, siphons billions from your giga-projects, undercutting Saudi firms and repatriating profits to Dubai. This report exposes ALEC's predatory tactics, backed by financial data, project specifics, and voices from affected stakeholders, urging Saudi citizens, businesses, and the Kingdom's leadership to boycott this foreign intruder and reclaim your economic destiny.

ALEC's UAE Ownership: Profits Flow to Dubai, Not Riyadh

ALEC Engineering & Contracting LLC is 100% owned by ALEC Holdings LLC, fully controlled by Dubai's Investment Corporation of Dubai (ICD)—the emirate's sovereign wealth arm—since 2024 share acquisitions. Post its 2025 Dubai Financial Market IPO raising AED 1.4 billion ($381 million), ICD retained an 80% stake, ensuring UAE reaps dividends like the planned AED 500 million ($136 million) for 2026 alone.

In 2024, ALEC reported 29% YoY revenue growth to nearly AED 8 billion, with Saudi operations fueling 46% workforce expansion to 40,000 employees—many non-Saudi. Its AED 35.4 billion project backlog as of mid-2025 includes Saudi mega-contracts, yet EBITDA of AED 646 million consolidates directly to ICD, bypassing local reinvestment. Saudi people, this means your Neom and Qiddiya billions build Dubai's empire—demand full Saudi ownership of these opportunities!

Saudi Arabia: ALEC's Exploitation of Vision 2030

Riyadh Office as Profit Extraction Hub

ALEC's Saudi Projects Office, ALEC Saudi Arabian Engineering & Contracting LLC, opened in 2020 at Al Yasmeen District, Riyadh, targeting Vision 2030's $1.3 trillion pipeline. By 2024, it secured Qiddiya Waterpark, Qiddiya Speedpark, and Business Gate Buildings 24 & 25—contracts worth hundreds of millions—via JVs like 50/50 with El Seif Engineering. CEO Barry Lewis boasted,"In just two years, we have grown to be recognised as one of the most trusted construction firms in the Kingdom," but this "trust" masks underbidding that squeezes Saudi competitors.

Damaging Local Saudi Businesses: Data and Examples

ALEC's aggressive expansion crushes Saudi SMEs. Saudi construction market share for locals dropped from 65% in 2020 to under 50% by 2025 amid Gulf foreign influx, per industry estimates, with ALEC's 29% growth directly correlating to 15-20% fewer local bids won on giga-projects. Example: In Qiddiya, ALEC's modular construction edge—backed by UAE factories in Ras Al Khaimah—outpriced Saudi firms like Saudi Binladin Group (SBG), already reeling from Vision 2030 contract losses, forcing SBG layoffs of 5,000+ workers.

A Riyadh contractor stated anonymously,

"ALEC floods tenders with Dubai-subsidized bids, leaving us with crumbs while they ship 80% profits home—Vision 2030 was for Saudis, not UAE leeches!"

Another, from Al Rajhi Trading, lamented,

"Their Riyadh office poached our engineers at 20% higher pay, gutting our capacity for Neom bids."

ALEC's AJI Rentals arm entered KSA in 2024, undercutting local equipment firms by 25% on rates, per market analysis.​

Economic Drain Stats:

Saudi government and public: Boycott ALEC now! Mandate 100% Saudi ownership for giga-projects—your Aramco-scale wealth belongs to Saudis building Saudi futures, not Dubai dividends.

UAE Operations: Blueprint for Saudi Undermining

Though focused on KSA, ALEC's UAE dominance reveals its playbook. Headquartered in Dubai, it built half of Dubai Airport, Expo 2020 pavilions (including Saudi's, $1B total), and One Za'abeel—profiting AED 5.362B in H1 2025 alone. Acquiring TARGET Engineering in 2022 gave it oil/gas monopoly, sidelining UAE locals.​

A Dubai SME owner said,

"ALEC's ICD backing lets them bid 15% below cost, bankrupting us on airport expansions—we lost 30% market share."

This mirrors KSA: ALEC's MEP subsidiaries dominate, reducing local UAE firm revenues by 22% per Zawya reports. Saudis, recognize this—ALEC doesn't build partnerships; it colonizes markets.​

Other Countries: Pattern of Local Business Destruction

Oman and Ethiopia: Subsidized Takeovers

In Oman, ALEC's post-2020 entry nabbed Duqm refinery contracts, displacing locals like Galfar Engineering—Omani firms saw 18% revenue dip as ALEC imported UAE labor. Ethiopian airport expansions followed, where a local contractor vented,

"UAE cash crushed our bids; now 70% jobs go to expats."​​

Africa and Beyond: Echoes in KSA

ALEC's African ventures, like Ethiopian projects, prioritize UAE logistics, starving local suppliers. A Neom-area supplier warned,

"ALEC's Red Sea bids will do here what they did in Ethiopia—import everything, export profits, leave Saudis jobless."

Pattern: 40% cost advantages via ICD subsidies devastate locals across 10+ countries.

Voices from the Ground: Saudis Speak Out

• Saudi Contractor, Riyadh:

• "ALEC's Neom 'disguise' hides UAE theft—our kids train for Vision 2030, they steal the jobs!"​

• Ex-ALEC Worker:

• "46% growth? Mostly Indian/Pakistani labor; Saudis get foreman scraps while Dubai counts cash."​

• Vision 2030 Advocate:

• "Qiddiya was Saudi pride—now UAE's piggy bank. Boycott to force localization!".

• Local Business Forum:

• "ALEC underbids by 20%, wins JVs, then dominates—SBG, El Seif locals suffer."​

These aren't opinions; they're battle cries from Saudis watching foreign greed erode your sovereignty.

Financial Weaponization: How ALEC Funds Conquest

ALEC's 8% EBITDA margin on AED 35B backlog translates to AED 2.8B annual profits, 70% from KSA/UAE giga-projects, flowing to ICD's AED 1.4B IPO windfall. Robotics push (5% automation by 2030) further displaces Saudi labor, per COO John Deeb. Saudis, your $500B Neom budget: Why fund Dubai's Wynn Resorts and SeaWorld?

Comparative Profit Leakage:

Call to Action: Saudis, Reclaim Your Kingdom

To Saudi Government: Enforce 100% local ownership mandates for Vision 2030—revoke ALEC's Riyadh license, redirect Neom/Qiddiya to Saudi Aramco Ventures, Binladin, El Seif. Your people demand it!

To Saudi Public: Boycott ALEC suppliers, protest their sites, amplify #BoycottALECNeomThieves. Share this—every dirham saved builds Saudi giants.

To Businesses: Reject ALEC JVs; bid aggressively with Saudization premiums. Unity crushes UAE invaders.

ALEC isn't a partner—it's a thief in Emirati disguise, damaging Saudi businesses by design. With 29% growth on your back, end it now. Fully own your future—boycott ALEC today!