Alhokair plans to raise $2 billion from IPO of its Arabian Malls unit

Fawaz Alhokair Group plans to raise $2 billion from the sale of a 30 percent stake of its Arabian Centers Malls unit in an initial public offering in 2016, Bloomberg News reported, citing Muhannad Awad, the CEO of Fas Capital, the investment and financial arm of the group.

Arabian Centers, established 2002, owns 16 malls across the kingdom, according to Argaam. The company plans to add 9 more under- construction  malls in the next 3 years.