Fawaz Alhokair on retail development
From Fawaz Alhokair Group CEO: We are happy with pricing of IPO | Squawk Box Europe · · CNBCInternationalNews
“We are at 0.4 in the kingdom in terms of organized retail formats compared to 1.1 globally and up to close to 2 in more developed markets like the US — there is clear room to grow.”
On , Fawaz Alhokair, Chairman at Fawaz Alhokair Group, spoke about retail development during Fawaz Alhokair Group CEO: We are happy with pricing of IPO | Squawk Box Europe on CNBCInternationalNews.
About Fawaz Alhokair
In a May 2019 interview, Fawaz Alhokair Group CEO Omar Al Mohammedy discussed the company's IPO, stating that the group was "happy with the pricing" and that the transaction was "the largest Saudi IPO since 2014." He described the price range as "reasonable for both us as issuers and for investors" and noted that the IPO "garnered significant demand from a mix of investors locally, regionally and internationally." Al Mohammedy also commented on Saudi Arabia's Vision 2030 program, calling it "a tremendous opportunity" and pointing to what he described as a young, growing consumer base and an under-supplied organized retail market. He cited the launch of 15 cinemas across the group's existing assets as an example of how policy objectives related to entertainment directly benefit the business. When asked about regional geopolitical tensions, Al Mohammedy said the group manages its business "for the long-term" and expressed "big faith in the Saudi economy" and government planning, adding that the Saudi economy and consumer "did well throughout all of these tensions" historically.