ASGC Construction

ASGC (Al Shafar General Contracting Co. LLC) Construction is a construction conglomerate company established in 1989, headquartered in Dubai,[1] UAE. ASGC is one of 26 companies in the Al Shafar Group.[2] In 2020, the company had annual revenues of $1bn and 17,000 employees.[3] It is privately owned by Mohamed Saif Bin Shafar (chairman), Emad Azmy (vice-chairman) and Mohammed Al Sayyah (non-executive director).[3]

ASGC Construction
Type of businessPrivate
Founded1989 (1989)
HeadquartersDubai, United Arab Emirates
Key peopleMohamed Saif Bin Shafar chairman
IndustryConglomerate
URLwww.asgcgroup.com
Current statusActive

History

The business was established in 1989 by a Dubai national and an Egyptian engineer.[4]

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.[5] In 2010, it reported project wins in Abu Dhabi, Dubai and Egypt worth around AED3 billion.[6]

In 2015, it delayed plans for an initial public offering of its shares. Its completed projects then included the Waldorf Astoria on Palm Jumeirah.[4]

In 2016, ASGC, in a joint venture with Kier, was awarded the Bluewaters Island project by Meraas to build more than 700 apartments.[7] In 2019, it was appointed by Meraas to build a cruise liner terminal nearby, between Palm Jumeira and Bluewaters Island.[8][9]

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,[10] and won contracts to upgrade concourses at Dubai International Airport.[11]

In 2020, it became the largest shareholder (with a 15% shareholding) in the United Kingdom's Costain Group.[12][13][2][3] ASGC also contributed to Dubai's efforts to combat the COVID-19 pandemic,[14] during which it was forced to cut around 15% of its workforce (almost 2,300 employees).[15]

Corporate social responsibility

ASGC contributed AED5m to Dubai's Community Solidarity Fund to combat the COVID-19 pandemic[16] and in Egypt donated EGP5m to a COVID-19 fund to support seasonal workers.[17]

References
  1. ASGC to lay off 1000 staff due to delays, Arabian Business, 27 December 2008. Retrieved: 7 May 2021.
  2. UAE-based ASGC acquires 15% stake in Costain engineering firm Arabian Business, 9 May 2020. Retrieved: 7 May 2021.
  3. "Dubai contractor ASGC takes 15% stake in stressed Costain". Global Construction Review. 11 May 2020. Retrieved 7 May 2021.
  4. Dubai contractor asgc is said to delay IPO plan on weak market, Gulf News, 8 October 2015. Retrieved: 7 May 2021.
  5. Al Shafar upbeat on construction boom in Dubai, Gulf News, 8 April 2005. Retrieved: 7 May 2021.
  6. ASGC bags projects worth Dh3b, Gulf News, 22 November 2010. Retrieved: 7 May 2021.
  7. ankit, Johari (2 February 2016). "UK contractor awarded Bluewaters infrastructure deal". MEED News. Retrieved 2 February 2016.
  8. Rohma Sadaqat (2 July 2019) Meraas appoints ASGC to build region's most advanced cruise terminal, Khaleej Times. Retrieved: 7 May 2021.
  9. Meraas appoints ASGC to build region’s most advanced cruise terminal in Dubai Harbour, commercial interior design, 2 July 2019.
  10. Rousseau, Oscar (15 November 2018). "Dubai's Mohammed Bin Rashid Library passes 70% completion mark". Construction Week. Retrieved 7 May 2021.
  11. Foreman, Colin (31 August 2016). "Dubai awards airport upgrade contract". MEED. Retrieved 7 May 2021.
  12. Morby, Aaron (7 May 2020). "Dubai contractor to take 15% stake in Costain". Construction Enquirer. Retrieved 7 May 2020.
  13. Rogers, Dave (28 May 2020). "Costain completes £100m cash raising move". Building. Retrieved 28 May 2020.
  14. Combating coronavirus: ASGC Group contributes Dh5 million, Khaleej Times, 20 April 2020. Retrieved: 7 May 2021.
  15. "Dubai-based ASGC Group said to cut 15% of its workforce". Arabian Business. 26 June 2020. Retrieved 7 May 2021.
  16. "Al Shafar contributes AED5 million to the Community Solidarity Fund Against COVID-19". Retrieved 21 April 2020.
  17. "COVID-19: ASGC Egypt offers financial aid to un-salaried workers". Retrieved 14 April 2020.
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