ASGC Construction

ASGC Construction
Type of businessPrivate
Founded1989; 35 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

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]

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]

Clients

ASGC Construction has worked with various government, public and private organizations. Its government clients have included Expo 2020,[23] Dubai's Roads and Transport Authority,[24] SEHA,[25] ADNOC,[26] Dubai Police,[27] DAEP,[28] Dubai World Trade Centre[29] and New Urban Communities Authority.[30]

Awards

  • Contractor of the Year – Big Project ME Awards 2021[31]
  • Contractor of the Year – Better Together Awards Expo 2020[32]
  • Dubai Chamber CSR Label 2020[33]
  • Mohamed Bin Rashid Al Maktoum Business Excellence and Business Innovation Awards 2019[34]
  • Contractor of the Year[35] and Excellence in BIM[35] – both in Big Project Awards 2019
  • Contractor of the Year – Big Project Awards 2018[36]
  • Contractor of the Year – MEED 2018[36]

References

  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 "Dubai contractor ASGC takes 15% stake in stressed Costain". Global Construction Review. 11 May 2020. Retrieved 7 May 2021.
  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. ^ ankit, Johari (2 February 2016). "UK contractor awarded Bluewaters infrastructure deal". MEED News. Retrieved 2 February 2016.
  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.
  11. ^ Rousseau, Oscar (15 November 2018). "Dubai's Mohammed Bin Rashid Library passes 70% completion mark". Construction Week. Retrieved 7 May 2021.
  12. ^ Foreman, Colin (31 August 2016). "Dubai awards airport upgrade contract". MEED. Retrieved 7 May 2021.
  13. ^ Khan, Sarmand (10 May 2020), ASGC takes 15% stake in UK contractor Costain to explore infrastructure opportunities, National News. Retrieved 22 March 2024
  14. ^ Morby, Aaron (7 May 2020). "Dubai contractor to take 15% stake in Costain". Construction Enquirer. Retrieved 7 May 2020.
  15. ^ Rogers, Dave (28 May 2020). "Costain completes £100m cash raising move". Building. Retrieved 28 May 2020.
  16. ^ "Al Shafar takes 15% stake in Costain". www.theconstructionindex.co.uk.
  17. ^ "Costain to raise £100m in placing, UAE construction group to take 15% stake". www.sharecast.com.
  18. ^ "Dubai contractor exits Costain". The Construction Index. 11 September 2024. Retrieved 11 September 2024.
  19. ^ Combating coronavirus: ASGC Group contributes Dh5 million, Khaleej Times, 20 April 2020. Retrieved: 7 May 2021.
  20. ^ "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.
  21. ^ "Dubai-based ASGC Group said to cut 15% of its workforce". Arabian Business. 26 June 2020. Retrieved 7 May 2021.
  22. ^ "COVID-19: ASGC Egypt offers financial aid to un-salaried workers". Archived from the original on 2021-11-19. Retrieved 14 April 2020.
  23. ^ "EXCLUSIVE: Dubai awards Expo 2020 pavilion construction deals". www.meed.com.
  24. ^ "ASGC awarded 12km Road Contract in UAE". www.saudigulfprojects.com.
  25. ^ "ASGC bags projects worth Dh3 billion". www.khaleejtimes.com.
  26. ^ "Al Shafar's Adnoc and Al Hosn Gas projects on track". www.gulfnews.com.
  27. ^ "Al Shafar upbeat on construction boom in Dubai". www.gulfnews.com.
  28. ^ "DAEP awards tender to ASGC Construction LLC". www.daep.gov.ae.
  29. ^ "UAE's ASGC picked to build world's largest 25hours hotel". www.arabianbusiness.com.
  30. ^ "UAE-based ASGC to execute Emaar's Uptown Cairo and Levana flagships". www.en.amwalalghad.com.
  31. ^ "ASGC sets new benchmark after Contractor of the Year win at the Big Project ME Awards". meconstructionnews.com/.
  32. ^ "Better Together Awards celebrate Expo 2020 Dubai's commitment to world-class health, safety and worker welfare". wam.ae/.
  33. ^ "DUBAI CHAMBER PRESENTS 36 COMPANIES WITH CSR LABEL IN H2-2020". www.dubaichamber.com/.
  34. ^ "Ahmed bin Saeed honours winners of Mohammed Bin Rashid Al Maktoum Business Awards". wam.ae/.
  35. ^ a b "Revealed! All the winners at the Big Project Awards 2021!". meconstructionnews.com/.
  36. ^ a b "ASGC and BuroHappold scoop major prizes at Big Project Middle East Awards 2018". truckandfleetme.com/.

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