Riyadh – Mubasher: Saudi-based Fawaz Abdulaziz Alhokair on Tuesday announced appointing Olivier Nougarou as CEO of its Arabian Centres malls unit.

Nougarou previously held the CEO position at a European real estate company, Unibail-Rodamco Group, and also worked at Morgan Stanley Real Estate, Arabian Business reported.

The Saudi retail giant is collaborating with Moelis & Co, Morgan Stanley, Samba Financial Group and NCB Capital to implement plans for selling 30% of Arabian Centres and listing the shares on the Saudi Stock Exchange (Tadawul), persons with knowledge of the matter said in January.

The sale deal is expected to be implemented in the second quarter of 2019, the people added.

For the full-year 2018, Fawaz Abdulaziz Alhokair’s net profits after zakat and tax declined 0.76% to SAR 285.7 million ($76.19 million), from SAR 287.9 million ($76.77 million) in the prior year.

By 01:52 pm Saudi time, Fawaz Abdulaziz Alhokair’s stock was stable at SAR 22.30.