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Saudi Alhokair Mall IPO Said to Be Derailed as Billionaire Held

  • Fawaz Alhokair’s personal bank accounts are said to be frozen
  • Retail group had been close to hiring banks for share sale
Daily Life In Jeddah As Saudi Arabia Plans To Take Economy Past Oil
Photographer: Tasneem Alsultan/Bloomberg

Plans to revive the public share sale of Fawaz Alhokair Group’s mall unit are on hold after the accounts of its billionaire co-founder were frozen in Saudi Arabia’s corruption crackdown, according to people with knowledge of the matter.

Fawaz Alhokair, who’s a major shareholder in the group and in fashion retailer Fawaz Abdulaziz Alhokair & Co., is being detained at the Ritz Carlton as part of the investigations, the people said, asking not to be identified because the information is private. Before the probe, the group had planned to restart work on the IPO of its Arabian Centres mall unit, the people said.