Taylor ... adding value

Alac Engineering and Contracting (Alec), part of the Investment Corporation of Dubai (ICD), has acquired Target Engineering Construction Company, bringing the joint turnover of both companies close to $2 billion.

The acquisition further advances Alec’s position in the regional construction industry while simultaneously enabling it to enter and fast-track its strategy of becoming a key player in the Middle East oil and gas, and energy and renewables sectors by drawing from the extensive expertise, and resources that Target Engineering has developed over a 40-year history.

"Bringing Target Engineering within our fold is a move that plays to both these objectives as their specialist skillsets in oil and gas, energy — including renewables, marine, and industrial construction — perfectly augment Alec’s own capabilities. This will enable us to present an even stronger joint value proposition to customers," says Kez Taylor, CEO at Alec.

Founded in 1975, Target Engineering operates through four specialised divisions and its customer base comprises leading oil and gas companies, major engineering, procurement, and construction (EPC) contractors, government entities and property developers.

Its noteworthy projects include work at Enec’s Barakah Nuclear Power Plant, Adnoc Gas Processing’s Ruwais LNG Terminal, Saudi Aramco’s Abqiq plant, and Enoc’s Jebal Ali Refinery expansion.

Its current active projects include Borouge 4 and Delma B in joint venture for Adnoc, and IGDC for Adgas.

By acquiring the company, Alec will now enhance its resources with the significant assets held by Target Engineering, including its 11,000 strong workforce, over 30 marine vessels, and 52,000 sq m of API/ASME-certified fabrication facilities. Additionally, this includes Target’s controlling stake in Idrotec, an Italian specialised marine design engineering firm. That said, Target Engineering will continue to operate as an independent entity.