Saudi Mall Operator Arabian Centres Hires Nougarou as CEO

(Bloomberg) -- Fawaz Alhokair Group appointed Olivier Nougarou as the chief executive officer of its Arabian Centres malls unit, which is said to be preparing for an initial public offering.

Nougarou was previously CEO for Germany at Unibail-Rodamco Group, a European real estate company, according to a statement. He also worked at Morgan Stanley Real Estate.

Fawaz Alhokair is working with Moelis & Co., Morgan Stanley, Samba Financial Group and NCB Capital on plans to sell 30 percent of Arabian Centres and list the shares on the Saudi stock exchange, people familiar with the matter said in January. Arabian Centres has applied to the markets regulator for the sale, which could happen in the second quarter of this year, the people said.

Fawaz Alhokair Group is the franchise partner for Gap, Banana Republic and Zara among other brands in the kingdom, according to its website. The Arabian Centres operates 19 shopping centers in Saudi Arabia, with four malls due to open this year and five projects in the pipeline.

To contact the reporter on this story: Donna Abu-Nasr in Beirut at dabunasr@bloomberg.net

To contact the editors responsible for this story: Shaji Mathew at shajimathew@bloomberg.net, Stefania Bianchi

©2019 Bloomberg L.P.