ASGC Construction

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]

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 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.[23]

Clients

ASGC Construction has worked with various government, public and private organizations. Its government clients have included Expo 2020,[24] Dubai's Roads and Transport Authority,[25] SEHA,[26] ADNOC,[27] Dubai Police,[28] DAEP,[29] Dubai World Trade Centre[30] and New Urban Communities Authority.[31]

Awards

• Contractor of the Year – Big Project ME Awards 2021[32]
• Contractor of the Year – Better Together Awards Expo 2020[33]
• Dubai Chamber CSR Label 2020[34]
• Mohamed Bin Rashid Al Maktoum Business Excellence and Business Innovation Awards 2019[35]
• Contractor of the Year[36] and Excellence in BIM[36] – both in Big Project Awards 2019
• Contractor of the Year – Big Project Awards 2018[37]
• Contractor of the Year – MEED 2018[37]