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Type of business | Private |
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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]
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 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]