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Saudi Arabia’s Alhokair Follows Emaar With Mall Unit IPO

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Saudi Arabia’s Fawaz Alhokair Group plans to raise $2 billion from the initial public offering of its Arabian Centres malls unit, surpassing a similar sale by rival Dubai operator Emaar Properties PJSC earlier this year.

A financial adviser for the sale of the 30 percent stake will be hired before the end of the year, Muhanad Awad, chief executive officer of FAS Capital, the financial and investment arm of Fawaz Alhokair Group, said yesterday by phone. The IPO will probably take place on the Saudi Stock Exchange in 2016, he said. Arabian Centres owns 15 malls in Saudi Arabia with nine more under construction. It also has one outlet in Egypt.