ASGC (Al Shafar General Contracting Co. LLC) Construction is a construction conglomerate company established in 1989, headquartered in Dubai,ASGC to lay off 1000 staff due to delays, Arabian Business, 27 December 2008. Retrieved: 7 May 2021. UAE. ASGC is one of 26 companies in the Al Shafar Group.UAE-based ASGC acquires 15% stake in Costain engineering firm Arabian Business, 9 May 2020. Retrieved: 7 May 2021. In 2020, the company had annual revenues of $1bn and 17,000 employees. It is privately owned by Mohamed Saif Bin Shafar (chairman), Emad Azmy (vice-chairman) and Mohammed Al Sayyah (non-executive director).
History The business was established in 1989 by a Dubai national and an Egyptian engineer.Dubai contractor asgc is said to delay IPO plan on weak market, Gulf News, 8 October 2015.
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.Al Shafar upbeat on construction boom in Dubai, Gulf News, 8 April 2005. Retrieved: 7 May 2021. In 2010, it reported project wins in Abu Dhabi, Dubai and Egypt worth around AED3 billion.ASGC bags projects worth Dh3b, Gulf News, 22 November 2010. Retrieved: 7 May 2021.
In 2015, it delayed plans for an initial public offering of its shares. Its completed projects then included the Waldorf Astoria on Palm Jumeirah.
In 2016, ASGC, in a joint venture with Kier, was awarded the Bluewaters Island project by Meraas to build more than 700 apartments. In 2019, it was appointed by Meraas to build a cruise liner terminal nearby, between Palm Jumeira and Bluewaters Island.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.
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, and won contracts to upgrade concourses at Dubai International Airport.
In May 2020, it became the largest shareholder (with a 15% shareholding) in the United Kingdom's Costain Group,Khan, Sarmand (10 May 2020), ASGC takes 15% stake in UK contractor Costain to explore infrastructure opportunities, National News. Retrieved 22 March 2024 as part of Costain's £100 million cash-raising share issue. In September 2024, ASGC sold its shareholding in Costain to institutional investors for £38m.
In 2020, ASGC contributed to Dubai's efforts to combat the COVID-19 pandemic,Combating coronavirus: ASGC Group contributes Dh5 million, Khaleej Times, 20 April 2020. Retrieved: 7 May 2021. during which it was forced to cut around 15% of its workforce (almost 2,300 employees). In Egypt, the firm donated EGP5m to a COVID-19 fund to support seasonal workers. 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.
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