ASGC Construction explained

ASGC Construction
Company Type:Private
Industry:Conglomerate
Location:Bay Square, Business Bay, Dubai, United Arab Emirates[1]
Key People:Mohamed Saif Bin Shafar chairman
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

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 2020, ASGC contributed to Dubai's efforts to combat the COVID-19 pandemic,[18] [19] during which it was forced to cut around 15% of its workforce (almost 2,300 employees).[20] In Egypt, the firm donated EGP5m to a COVID-19 fund to support seasonal workers.[21]

Clients

ASGC Construction has worked with various government, public and private organizations. Its government clients have included Expo 2020,[22] Dubai's Roads and Transport Authority,[23] SEHA,[24] ADNOC,[25] Dubai Police,[26] DAEP,[27] Dubai World Trade Centre[28] and New Urban Communities Authority.[29]

Awards

Notes and References

  1. Bay Square, ASCG Group. Retrieved: 28 December 2021.
  2. https://www.arabianbusiness.com/asgc-lay-off-1000-staff-due-delays-41526.html ASGC to lay off 1000 staff due to delays
  3. https://www.arabianbusiness.com/446364-uae-based-asgc-acquires-15-stake-in-costain-engineering-firm UAE-based ASGC acquires 15% stake in Costain engineering firm
  4. News: Dubai contractor ASGC takes 15% stake in stressed Costain . 7 May 2021 . Global Construction Review . 11 May 2020.
  5. https://gulfnews.com/business/markets/dubai-contractor-asgc-is-said-to-delay-ipo-plan-on-weak-market-1.1597597 Dubai contractor asgc is said to delay IPO plan on weak market
  6. https://gulfnews.com/business/property/al-shafar-upbeat-on-construction-boom-in-dubai-1.283731 Al Shafar upbeat on construction boom in Dubai
  7. https://gulfnews.com/business/property/asgc-bags-projects-worth-dh3b-1.715549 ASGC bags projects worth Dh3b
  8. News: ankit . Johari . UK contractor awarded Bluewaters infrastructure deal. 2 February 2016 . MEED News . 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. https://www.commercialinteriordesign.com/insight/43904-meraas-appoints-asgc-to-build-egions-most-advanced-cruise-terminal-in-dubai-harbour Meraas appoints ASGC to build region’s most advanced cruise terminal in Dubai Harbour
  11. News: Rousseau . Oscar . Dubai's Mohammed Bin Rashid Library passes 70% completion mark . 7 May 2021 . Construction Week . 15 November 2018.
  12. News: Foreman . Colin . Dubai awards airport upgrade contract . 7 May 2021 . MEED . 31 August 2016.
  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. News: Morby . Aaron . Dubai contractor to take 15% stake in Costain . 7 May 2020 . Construction Enquirer . 7 May 2020.
  15. News: Rogers . Dave . Costain completes £100m cash raising move . 28 May 2020 . Building . 28 May 2020.
  16. Web site: Al Shafar takes 15% stake in Costain. www.theconstructionindex.co.uk.
  17. Web site: Costain to raise £100m in placing, UAE construction group to take 15% stake. www.sharecast.com.
  18. https://www.khaleejtimes.com/coronavirus-pandemic/combating-coronavirus-asgc-group-contributes-dh5-million Combating coronavirus: ASGC Group contributes Dh5 million
  19. Web site: Al Shafar contributes AED5 million to the Community Solidarity Fund Against COVID-19. live. 21 April 2020. https://web.archive.org/web/20200424225756/https://www.emirates247.com/news/emirates/al-shafar-contributes-aed5-million-to-the-community-solidarity-fund-against-covid-19-2020-04-21-1.694142 . 2020-04-24 .
  20. News: Dubai-based ASGC Group said to cut 15% of its workforce . 7 May 2021 . Arabian Business . 26 June 2020.
  21. Web site: COVID-19: ASGC Egypt offers financial aid to un-salaried workers. live. 14 April 2020. https://web.archive.org/web/20211119040204/https://www.constructionweekonline.com/products-services/264494-covid-19-asgc-egypt-offers-financial-aid-to-un-salaried-workers . 2021-11-19 .
  22. Web site: EXCLUSIVE: Dubai awards Expo 2020 pavilion construction deals. www.meed.com.
  23. Web site: ASGC awarded 12km Road Contract in UAE. www.saudigulfprojects.com.
  24. Web site: ASGC bags projects worth Dh3 billion. www.khaleejtimes.com.
  25. Web site: Al Shafar’s Adnoc and Al Hosn Gas projects on track. www.gulfnews.com.
  26. Web site: Al Shafar upbeat on construction boom in Dubai. www.gulfnews.com.
  27. Web site: DAEP awards tender to ASGC Construction LLC. www.daep.gov.ae.
  28. Web site: UAE’s ASGC picked to build world’s largest 25hours hotel. www.arabianbusiness.com.
  29. Web site: UAE-based ASGC to execute Emaar’s Uptown Cairo and Levana flagships. www.en.amwalalghad.com.
  30. Web site: ASGC sets new benchmark after Contractor of the Year win at the Big Project ME Awards. meconstructionnews.com/.
  31. Web site: Better Together Awards celebrate Expo 2020 Dubai’s commitment to world-class health, safety and worker welfare. wam.ae/.
  32. Web site: DUBAI CHAMBER PRESENTS 36 COMPANIES WITH CSR LABEL IN H2-2020. www.dubaichamber.com/.
  33. Web site: Ahmed bin Saeed honours winners of Mohammed Bin Rashid Al Maktoum Business Awards. wam.ae/.
  34. Web site: Revealed! All the winners at the Big Project Awards 2021!. meconstructionnews.com/.
  35. Web site: ASGC and BuroHappold scoop major prizes at Big Project Middle East Awards 2018. truckandfleetme.com/.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "ASGC Construction".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.