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Sat 14 May 2016 12:10 AM

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Saudi mall operator appoints new CEO to drive growth

Arabian Centres says it expects to double its retail real estate portfolio in the next three years

Saudi mall operator appoints new CEO to drive growth

Arabian Centres, the developer, owner and operator of shopping malls in Saudi Arabia, has announced the appointment of Khaled Al Jasser as its new CEO.

Based in Riyadh, Al Jasser will lead the company's expansion programme which is expected to double its retail real estate portfolio in the next three years, a statement said.

Last year, Arabian Centres embarked on a massive expansion programme announcing the development of 12 new shopping malls in the kingdom that range in size from 45,000 sq m to 165,000 sq m, with launches spanning from Riyadh to Dhahran.

Once completed by 2018, the new developments will double the total portfolio to nearly 2 million sq m of gross leasable area (GLA), reinforcing its position as the biggest malls developer and operator in Saudi Arabia.

Prior to the appointment, Al Jasser was the CEO of Bank Albilad, and was executive vice president of Riyadh Bank before that.

Dr Fawaz Alhokair, chairman of Fawaz Alhokair Group, the parent company of Arabian Centres, said: "We would like to welcome Khalid Al Jasser to the Arabian Centres family. We are confident that his track record in leading several institutions towards growth and success will help Arabian Centres unlock further opportunities for growth in Saudi Arabia."

Al Jasser added: "With a strong track record of delivering modern retail destinations with presence across the kingdom, Arabian Centres is well positioned to transform the retail landscape and have a direct impact on the kingdom's diversification strategy, which will be at the core of my strategy."

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