ALEC Holdings, a leading diversified engineering and construction group operating in the UAE and KSA, has announced that its subsidiary Target Engineering Construction Company – SP, has secured three major contracts worth a total of over $500 million in the Gulf.

The engineering, procurement and construction (EPC) project contracts have varying execution periods of 10 months, 21 months and 36 months, the company said in a filing to Dubai Stock Market.

ALEC said the financial impact of the awards is expected to be will be reflected in the company’s results over the respective execution periods in line with its revenue recognition policy.

The company did not disclose details of the clients, locations or project scope in the filing.