The business was established in 1989 by a Dubai national and an Egyptian engineer.[5]
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.[6] In 2010, it reported project wins in Abu Dhabi, Dubai and Egypt worth around AED3 billion.[7]
In 2015, it delayed plans for an initial public offering of its shares. Its completed projects then included the Waldorf Astoria on Palm Jumeirah.[5]
In 2016, ASGC, in a joint venture with Kier, was awarded the Bluewaters Island project by Meraas to build more than 700 apartments.[8] In 2019, it was appointed by Meraas to build a cruise liner terminal nearby, between Palm Jumeira and Bluewaters Island.[9][10]
Also 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,[11] and won contracts to upgrade concourses at Dubai International Airport.[12]
In May 2020, it became the largest shareholder (with a 15% shareholding) in the United Kingdom's Costain Group,[13][14][15][3][4] as part of Costain's £100 million cash-raising share issue.[16][17] In September 2024, ASGC sold its shareholding in Costain to institutional investors for £38m.[18]
In 2020, ASGC contributed to Dubai's efforts to combat the COVID-19 pandemic,[19][20] during which it was forced to cut around 15% of its workforce (almost 2,300 employees).[21] In Egypt, the firm donated EGP5m to a COVID-19 fund to support seasonal workers.[22] ASGC had initially acquired a 15% stake in the UK-based Costain Group during a £100 million capital raise in May 2020. However, in September 2024, ASGC sold its shareholding back to institutional investors for approximately £38 million.[23]
