IPO – Alpha Data

Welcome to the Alpha Data IPO

Alpha Data LLC (“Alpha Data”) is pleased to announce its intention to offer 400,000,000 shares, representing 40% of our share capital, through an Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX). Our IPO is an opportunity for investors to be part of one the leading digital transformation providers and system integrators in the UAE and participate in the Digital Economy, positioned to capitalize on the GCC’s attractive and fast-growing market.

Welcome to the Alpha Data IPO

Overview of Alpha Data

Alpha Data is one of the leading digital transformation providers & system integrators in the UAE, with over 40 years’ experience and a recently developed presence in the Kingdom of Saudi Arabia and Qatar.

Alpha Data and its subsidiaries (the “Group”) operates across three key business verticals:

Solutions

The Group delivers tailored IT solutions by integrating advanced technologies, including cybersecurity, cloud, AI, big data, and automation, to meet customer needs, and working together closely with its main vendors.

Services

Alpha Data offers a comprehensive range of ICT services to support clients in the implementation and management of IT infrastructure. ICT services range from consulting and implementation to monitoring, management, and cybersecurity. These offerings are supported by professional services, managed services, and digital transformation initiatives, ensuring end-to-end support for IT infrastructure. The Group differentiates itself through its ‘everything-as-a-service’ strategy, providing holistic IT management and support solutions.

Talent

Through its subsidiary, Alpha Data Recruitment, the Group delivers specialized IT personnel to meet the growing demand for skilled professionals, including tailored recruitment with a focus on Emiratization, providing flexible contract talent through RAAS (Recruitment as a Service), as well as headhunting candidates for permanent roles through its Permanent Staffing Service.

Oveview of Alpha Data

Alpha Data is one of the leading digital transformation providers & system integrators in the Middle East, with over 40 years’ experience in the UAE and a recently developed presence in the Kingdom of Saudi Arabia and Qatar.

Alpha Data and its subsidiaries (the “Group”) operates across three key business verticals:

Message from the CEO

Since the beginning of our journey in the early 1980’s with just two members of staff, Alpha Data has grown to become one of the leading digital transformation providers & system integrators in the UAE. As a homegrown UAE company, we are proud of our roots and heritage – but also look beyond the UAE’s borders. We recently expanded our footprint in the GCC and now have a presence in both the Kingdom of Saudi Arabia and Qatar.

At Alpha Data, we are dedicated to delivering high-quality IT, Services and Talent solutions across a wide range of sectors, including energy, banking, education and healthcare, as well as government institutions. This IPO reflects our continued commitment to operational excellence, sustainable development, and innovation. Our advanced technologies and practices, combined with a talented and dedicated workforce, ensure that we continue to exceed customers’ expectations, delivering them bespoke solutions that help them stay one step ahead of wider trends and competitors.

The Initial Public Offering (IPO) of 40% of Alpha Data’s shares on the Abu Dhabi Stock Exchange marks a transformative step in our journey towards a more diversified shareholder base, which spurs growth and continued delivery for clients. This next step both aligns with its broader objectives and aligns with the UAE’s government focus on driving innovation.

Thank you for your continued support as we embark on this significant new chapter in Alpha Data’s journey.

Fayez Ibbini

Chief Executive Officer and Founder – Alpha Data

Message from the CEO

Thank you for your continued support as we embark on this significant new chapter in Alpha Data’s journey.

Fayez Ibbini

Chief Executive Officer and Founder
Alpha Data

Alpha Data at a Glance

Alpha Data is a leading digital transformation provider & system integrator in the UAE

Alpha Data strives to accelerate clients transition to a digital first organization

Alpha Data works with over 2,200 businesses across a broad range of sectors, as well as government entities

The Group believes in nurturing long-term vendor relationships, with many clients having worked with Alpha Data for over 20 years

AED 2.3bn

Revenues (’24A)

21.9%

Revenue CAGR (’21A-’24A)

1,500+

Employees across the UAE, KSA and Qatar

6%

Market share of addressable UAE market in 2023

75%

Average dividend payout ratio (’21A-’24A)

103%

Average free cash flow conversion rate (‘21A-’24A)

Alpha Data at a Glance

Alpha Data is a leading digital transformation provider & system integrator in the UAE.

Alpha Data strives to accelerate clients transition to a digital first organization.

Alpha Data works with over 2,200 businesses across a broad range of sectors, as well as government entities.

The Group believes in nurturing long-term vendor relationships, with many clients having worked with Alpha Data for over 20 years.

AED 2.3bn

Revenues (’24A)

1,500+

Employees across the UAE, KSA and Qatar.

21.9%

Revenue CAGR
(’21A-’24A)

6%

Market share of addressable UAE market in 2023.

75%

Average dividend payout ratio (‘21A-’24A)

103%

Average free cash flow conversion rate (‘21A-’24A)

Investment Highlights

Leading and differentiated digital transformation partner for businesses across the region

Alpha Data has a number of key differentiators from competitors, such as:

Superior technical expertise: the Group’s technical expertise is demonstrated through the development and implementation of innovative solutions across multiple technologies.
Specialist industry knowledge: the Group has a proven track record of delivering complex projects in different industries since 1981.
Flexible and risk adjusted commercial models: Alpha Data is able to tailor its commercial models based on client preferences, delivering bespoke solutions that combine project-based and recurring contracts, licensing, leasing or build-operate-transfer contract models.
Accelerated transformation: By using agile delivery methods the Group is able to deliver accelerated digital transformation projects for its clients.

Favorable market in a fast-growing sector

Strong digitalization and regional economic diversification are driving high levels of growth of all IT related services throughout regional markets.
Alpha Data’s core markets, the UAE and KSA, are experiencing significant growth in the information and communication technology (ICT) sector, which is expected to grow at 9.0% CAGR and 11.1% CAGR between 2023 and 2028, respectively.
This is supported by government-led digitalization initiatives including the "The UAE Digital Government Strategy 2025", the "UAE National Strategy for Artificial Intelligence 2031", "Operation 300bn", the UAE's "Fourth Industrial Revolution (4IR) Strategy" and the numerous KSA Vision 2030 giga projects.
Alpha Data has held an approximate 6% market share of its addressable market in the UAE in 2023. Moving forward the Group will look to continue growing and take further market share.

Leading 'one-stop-shop' IT business solutions provider for enterprises in UAE

As a system integrator and digital transformation company, Alpha Data offers a comprehensive, end-to-end product offering, including hardware, software and services, providing customers with a "one-stop" IT solutions.
Due to the unique nature of the IT industry and the complementary model of available solutions and services, the Group is able to cross-sell its multiple business lines.
Although the Group faces competition in each of the markets and sectors in which it operates, none of its competitors in the UAE are able to compete with the Group across all market sectors.
Alpha Data can also leverage a broader and more comprehensive range of IT solutions to drive further differentiation from competitors.

Alpha Data specializes in bespoke digital transformation solutions, tapping into global trends

Alpha Data is focused on high-growth sectors like cloud, AI, and big data, serving fast-growing sub-segments of leading industries such as banking, finance and healthcare.
These sectors are embracing digital transformation and increasing their IT spend, driven by macro-trends such as generative AI, the demand for automation and virtual desktop infrastructure, as well as robotic and intelligent process automation.
The demand for digital transformation initiatives amongst both private and public sector clients has been accelerated by these macro-trends and the Group believes that it is well positioned to capitalize on its clients' needs in these areas.

A long history of working successfully with businesses and institutions in the UAE

Alpha Data has a diverse customer base consisting of approximately 2,200 government, quasi-government and private entities.
Its relationship with government entities strengthens its position as a key player of ICT services in the region, with a strong portfolio of high-profile customers, including DP World, National Bank of Fujairah, MBRSC, DIBSA, as well as already established long term relationships with customers such as Emirates Airlines, ADNOC, Dubai Airports, amongst others.
The Group develops long-term relationships with customers, allowing it to better understand the technological solutions suited to individual customer's needs.
Alpha Data also offers bespoke contracts with pricing tailored based on customer-specific factors including the number of customers, users and sites to be covered, the types of applications to be used and the level of administration and management to be provided.

Founder Led Management Team with Unique Track Record of Growth, Innovation and Execution

Alpha Data benefits from a strong management team with a clear vision and over 250 years of sector experience, which is supported by robust corporate governance, local market knowledge, and regulatory expertise.
The management team has a deep commitment to maintaining the highest standards of excellence within the Group, with a proven operational and financial track record and high staff satisfaction, illustrated by the low turnover rate.
The Group's management team has been strategically split with a combination of services and sector units to leverage extensive sector expertise.

Fundamentals underpinned by breadth and depth of strong multi-vendor partnerships

Alpha Data has a strong network of software vendors, providing access to the latest technologies and preferential support through key vendor relationships.
The Group offers clear value to vendors by giving them access to the local market and allowing them to easily reach customers.
The Group holds high level partnerships and is recognized as a partner of choice by numerous global technology leaders such as Microsoft, AWS, Cisco, IBM, Fortinet, and Palo Alto, having received numerous awards from its strategic partners.
Alpha Data is continuously looking to expand its network of partners, with a view to building mutually beneficial relationships and collaborating on new and emergent technologies.

Robust financial performance, demonstrated by strong topline growth, resilient margins and improved Free Cash Flow (FCF)

Alpha Data has enjoyed sustained revenue growth in the last 4 years reaching AED 2.3bn revenue in 2024A, with FY21-24 CAGR of 21.9%.
Despite the highly competitive environment the Group operates in, it has maintained stable margins (12.5% gross margin in 2024). The Group‘s adjusted EBITDA Margin and Net Profit Margin in 2024 were 5.8% and 5.5%, respectively.
Sustained improvements in its Free Cash Flow generation, with an average cash conversion rate of 103% for the four years to 2024.
Strong value delivered to shareholders, with healthy dividends over the previous four years and a robust dividend payout of 75% (average in FY21-24).
Alpha Data operates with minimal debt and has funded its expansion primarily through cash flow from operating activities.

Investment Highlights

Leading and differentiated digital transformation partner for businesses across the region

Alpha Data has a number of key differentiators from competitors, such as:

Superior technical expertise: the Group’s technical expertise is demonstrated through the development and implementation of innovative solutions across multiple technologies.
Specialist industry knowledge: the Group has a proven track record of delivering complex projects in different industries since 1981.
Flexible and risk adjusted commercial models: Alpha Data is able to tailor its commercial models based on client preferences, delivering bespoke solutions that combine project-based and recurring contracts, licensing, leasing or build-operate-transfer contract models.
Accelerated transformation: By using agile delivery methods the Group is able to deliver accelerated digital transformation projects for its clients.

Favorable market in a fast-growing sector

Strong digitalization and regional economic diversification are driving high levels of growth of all IT related services throughout regional markets.
Alpha Data’s core markets, the UAE and KSA, are experiencing significant growth in the information and communication technology (ICT) sector, which is expected to grow at 9.0% CAGR and 11.1% CAGR between 2023 and 2028, respectively.
This is supported by government-led digitalization initiatives including the "The UAE Digital Government Strategy 2025", the "UAE National Strategy for Artificial Intelligence 2031", "Operation 300bn", the UAE's "Fourth Industrial Revolution (4IR) Strategy" and the numerous KSA Vision 2030 giga projects.
Alpha Data has held an approximate 6% market share of its addressable market in the UAE in 2023. Moving forward the Group will look to continue growing and take further market share.

Leading 'one-stop-shop' IT business solutions provider for enterprises in UAE

As a system integrator and digital transformation company, Alpha Data offers a comprehensive, end-to-end product offering, including hardware, software and services, providing customers with a "one-stop" IT solutions.
Due to the unique nature of the IT industry and the complementary model of available solutions and services, the Group is able to cross-sell its multiple business lines.
Although the Group faces competition in each of the markets and sectors in which it operates, none of its competitors in the UAE are able to compete with the Group across all market sectors.
Alpha Data can also leverage a broader and more comprehensive range of IT solutions to drive further differentiation from competitors.

Alpha Data specializes in bespoke digital transformation solutions, tapping into global trends

Alpha Data is focused on high-growth sectors like cloud, AI, and big data, serving fast-growing sub-segments of leading industries such as banking, finance and healthcare.
These sectors are embracing digital transformation and increasing their IT spend, driven by macro-trends such as generative AI, the demand for automation and virtual desktop infrastructure, as well as robotic and intelligent process automation.
The demand for digital transformation initiatives amongst both private and public sector clients has been accelerated by these macro-trends and the Group believes that it is well positioned to capitalize on its clients' needs in these areas.

A long history of working successfully with businesses and institutions in the UAE

Alpha Data has a diverse customer base consisting of approximately 2,200 government, quasi-government and private entities.
Its relationship with government entities strengthens its position as a key player of ICT services in the region, with a strong portfolio of high-profile customers, including DP World, National Bank of Fujairah, MBRSC, DIBSA, as well as already established long term relationships with customers such as Emirates Airlines, ADNOC, Dubai Airports, amongst others.
The Group develops long-term relationships with customers, allowing it to better understand the technological solutions suited to individual customer's needs.
Alpha Data also offers bespoke contracts with pricing tailored based on customer-specific factors including the number of customers, users and sites to be covered, the types of applications to be used and the level of administration and management to be provided.

Founder Led Management Team with Unique Track Record of Growth, Innovation and Execution

Alpha Data benefits from a strong management team with a clear vision and over 250 years of sector experience, which is supported by robust corporate governance, local market knowledge, and regulatory expertise.
The management team has a deep commitment to maintaining the highest standards of excellence within the Group, with a proven operational and financial track record and high staff satisfaction, illustrated by the low turnover rate.
The Group's management team has been strategically split with a combination of services and sector units to leverage extensive sector expertise.

Fundamentals underpinned by breadth and depth of strong multi-vendor partnerships

Alpha Data has a strong network of software vendors, providing access to the latest technologies and preferential support through key vendor relationships.
The Group offers clear value to vendors by giving them access to the local market and allowing them to easily reach customers.
The Group holds high level partnerships and is recognized as a partner of choice by numerous global technology leaders such as Microsoft, AWS, Cisco, IBM, Fortinet, and Palo Alto, having received numerous awards from its strategic partners.
Alpha Data is continuously looking to expand its network of partners, with a view to building mutually beneficial relationships and collaborating on new and emergent technologies.

Robust financial performance, demonstrated by strong topline growth, resilient margins and improved Free Cash Flow (FCF)

Alpha Data has enjoyed sustained revenue growth in the last 4 years reaching AED 2.3bn revenue in 2024A, with FY21-24 CAGR of 21.9%.
Despite the highly competitive environment the Group operates in, it has maintained stable margins (12.5% gross margin in 2024). The Group‘s adjusted EBITDA Margin and Net Profit Margin in 2024 were 5.8% and 5.5%, respectively.
Sustained improvements in its Free Cash Flow generation, with an average cash conversion rate of 103% for the four years to 2024.
Strong value delivered to shareholders, with healthy dividends over the previous four years and a robust dividend payout of 75% (average in FY21-24).
Alpha Data operates with minimal debt and has funded its expansion primarily through cash flow from operating activities.

Expand

Key IPO Documents

Alpha Data IPO Prospectus

Public Announcement of the Offer

International Offering Memorandum

Pricing Statement

Announcements

ITF Press Release

Price Range and subscription period Release

Final Price Release

Key IPO Documents

Alpha Data IPO Prospectus

Public Announcement of the Offer

International Offering Memorandum

Pricing Statement

Key Announcements

ITF Press release

Price Range and subscription period Release

Final Price Press release

How to Subscribe

Frequently Asked Questions

What is Alpha Data, and what does the company do?

Alpha Data is a leading digital transformation provider and system integrator in the UAE, counting government institutions and many of the UAE’s largest businesses among its customers.
As a premier provider of digital transformation products and services in the Middle East for over 40 years, Alpha Data empowers organizations with innovative Information Communications Technology (“ICT”) solutions and cutting-edge technologies.
The company’s extensive offering encompasses Artificial Intelligence (AI), Mobility, Cyber Security, the Internet of Things (IoT), Big Data, and the Cloud - all designed to support customers in their transformation journey in response to the rapidly evolving digital economy.
Founded in 1981, the company has grown to over 1,500 professionals building bespoke ICT solutions for thousands of organizations across the region.

What geographies does Alpha Data operate in?

Alpha Data is a UAE homegrown business and majority of operations are located in the UAE, across the emirates of Dubai, Abu Dhabi and Sharjah. The Group also has recently established operations in KSA (launched in 2022) and Qatar (re-launched in 2022), which the Group plans to grow in the future.

What are Alpha Data’s competitive strengths?

Alpha Data believes that it is well positioned to execute and achieve its business goals based on a number of key competitive strengths, principally, its reputation as a leading and trusted digital transformation partner for all business ICT needs. Over 40 years, the Group has consistently helped businesses strengthen their technology by creating tailored solutions, enabling it to forge strong industry relationships and a diverse range of customers from various industries, including government, telecommunications, banking, insurance, and real estate.
Alpha Data is operating in favorable market conditions against a backdrop of significant sector growth. Strong digitalization and regional economic diversification are driving high levels of growth across all IT related services in the Group’s core markets, chief among them being the UAE and the KSA, within which the addressable IT markets are projected to grow at 9% and 11% CAGR respectively between 2023 and 2028 (according to the IDC Market Report).
Additionally, due to the unique nature of the IT industry and the complementary nature of available solutions and services, Alpha Data is able to capitalize on considerable cross-selling opportunities across its multiple business lines, consolidating its position as a leading 'one stop shop' IT business solutions provider for enterprises in the UAE and beyond.

What are the main business segments for Alpha Data?

Alpha Data operates across three business segments: Solutions, Services, and Talent.
- Solutions
  - The Group’s enterprise solutions span IT infrastructure solutions, (including servers, storage, network infrastructure, and audio-visual infrastructure, among others), as well as tailored solutions integrating advanced technologies such as cybersecurity, cloud, mobility, AI, big data, digital transformation and software automation technology.
  - The Group also provides physical and virtual solutions to customers using a combination of different technological hardware and software provided by different vendors.
- Services
  - The Group offers a full range of services to customers to consult, implement, monitor, manage and maintain IT infrastructure and solutions. These include managed services, professional services, support and maintenance services and consulting services.
- Talent
  - Through the Group's subsidiary Alpha Data Recruitment LLC - OPC ("Alpha Data Recruitment"), the Group recruits and outsources specialist IT personnel to customers, to meet high customer demand for skilled IT individuals.

In terms of market share, how does Alpha Data compare to its industry peers?

The Group's core markets, the UAE and the KSA, are experiencing significant growth in their ICT sectors. The Alpha Data addressable IT market in the UAE is projected by the International Data Corporation Middle East to grow at 9.0% CAGR between 2023 and 2028.
The Group has an approximate 6% market share of this Addressable Market in the UAE according to the IDC Market Report and intends to capitalize on the favorable market and sector growth.

Who are Alpha Data’s customers?

The Group has a diverse customer base consisting of approximately 2,200 government, quasi-government and private entities. Its relationship with government entities strengthens its position as a key player of ICT services in the region.
The Group has a strong portfolio of high-profile customers, including DP World, National Bank of Fujairah, MBRSC, DIBSA, as well as already established long term relationships with customers such as Emirates Airlines, ADNOC, Dubai Airports, amongst others.

What do Alpha Data’s customers say about the company?

Alpha Data’s customers especially appreciate the company’s detailed understanding of the technological solutions best suited to their business needs and the tailored solutions it offers, resulting in the development of strong, long-term relationships.
Customer retention across the business is high, demonstrating the trust and satisfaction of customers in Alpha Data’s services.

Who sits on the Alpha Data management team?

The Group benefits from a strong management team with a clear vision and a combined 250+ years of sector experience, which is supported by robust corporate governance, local market knowledge, and regulatory expertise. The management team has a deep commitment to maintaining the highest standards of excellence within the Group, with a proven operational and financial track record.
Alpha Data is led by Mr. Fayez Ibbini, the Company’s Founder and Chief Executive Officer, who has grown the business into one of the most prominent and longest standing technology companies in the UAE. Mr. Ibbini is supported by Mr. Zakaria Ibbini, Director of Talent division, Mr. Haytham Al Momany, Chief Financial Officer, Mr. Layth Ibbini, Chief Operating Officer, who are complemented by other senior management team members strategically split across a combination of services and sector units to leverage extensive sector expertise.

What is Alpha Data’s growth strategy?

Alpha Data believes that there are numerous opportunities in the UAE market to support further growth. In particular, digitization trends, digital economy growth, enhanced cybersecurity measures, infrastructure modernization, data management evolution and artificial intelligence create unparalleled growth opportunities for the Company to anchor its leading market position in system integration and digital transformation services.
The Group’s growth strategy is underpinned by five core growth pillars
- Establish leadership in digital transformation technologies and further grow its market position.
- ‘Everything-as-a-Service' business model.
- Expansion to other markets in the GCC region (including the KSA and Qatar).
- Well-positioned to capture growth, diversify revenues, launch new services, and target new customers.
- Cost control and operational efficiency.

How has Alpha Data been performing financially?

Alpha Data consistently delivers a robust financial performance, evidenced by strong topline growth, resilient margins and free cash flow. In a highly competitive market, the Group consistently maintained stable Gross Profit, Adjusted EBITDA and Net Profit Margin.
For the financial year ended 31 December 2024, the Group generated revenue of AED 2.3 billion.
In the same period, the Group's Gross Margin was 12.5%, Adjusted EBITDA Margin was 5.8%, and Net Profit Margin was 5.5%
In recent years, the Group has also experienced sustained improvements in its Free Cash Flow generation, experiencing an average cash conversion rate of 103 % for the years ending 31 December 2021, 31 December 2022, 31 December 2023 and 31 December 2024. Thanks to this strong growth, the Group has been able to deliver strong value to the shareholders, consistently increasing dividends over the last three years with an average Dividend Payout of 75% over the same period.