ALEC, one of the largest building contractors operating in the UAE emirate of Dubai, has praised the $3.9 billion casino resort project Wynn hopes to build on Ras Al Khaimah as “a fantastic scoop for us.”
Arabian Business reported that ALEC’s new CEO Barry Lewis said his company holds the primary construction contract for the five-star integrated resort, which will have more than 1,500 hotel rooms, dining and retail. It is expected to launch in early 2027.
Lewis, who took over his job in early October, said he expects the casino resort to generate broader development on the island.
“It’s going to be fantastic for Ras Al Khaimah because it becomes a focal point that is going to stimulate an enormous amount of work,” he told Arabian Business. “With that facility comes staffing requirements and then there’s a whole lot of other resorts that will be developed to grow on the back of it so we already see them pushing the market in Ras Al Khaimah. It’s a fantastic initiative for the emirate.”
Lewis added, “It will drive massive growth. Everyone wants to be a part of the action.”
Ever since the news of the Emirates ending their ban on gambling, Chinese investors have begun showing increased interest, Arabian Business noted, citing Juwai IQI, an Asian real estate technology group.
Since ALEC was awarded the project, its revenues have climbed 25 percent.
Lewis concluded, “The next four to five years are going to be an exciting journey for everybody in the sector. I think we’ve seen a big upsurge in the UAE and Saudi obviously, which is a massive market. The challenge is going to be selecting the right projects to make sure that you can deliver on the promise.”
