RIYADH: Eyewear enthusiasts in the Middle East will soon find more outlets of the optical store Doctor M as Magrabi Retail Group, one of the region’s leading optical retail chains and owner of the lifestyle brand, is planning a major expansion drive.
Launched in Saudi Arabia in 2021, Doctor M has a strong presence in the Kingdom with 27 stores spread across Riyadh, Jeddah and other cities, as well as 150 employees.
The eyewear retailer plans to increase Doctor M stores in the Middle East to over 50 by launching branches in Egypt, Qatar and the UAE.
“We are undertaking Magrabi Retail Group’s largest-ever investment into Doctor M to expand its presence and meet growing consumer demand in the Middle East. With a doubling of store count, we aim to broaden our offering and cater to diverse lifestyles across the region,” Yasser Taher, the group’s CEO, told Arab News.
He added: “This strategic move reflects our vision which is re-envisioning the world of eyewear to empower the lifestyles of millions while championing inclusivity and positive social impact.”
Furthermore, Doctor M will enable the company to reach more customer segments with its affordable price ranges, appealing to a younger generation with dynamic lifestyles.
“Throughout this expansion, we remain dedicated to delivering and maintaining our excellent customer experience and medical services,” added Taher.
The expansion is backed by an extensive campaign highlighting some of the influential artists, sportsmen, entertainers, fashion icons, and scientists driving Saudi Arabia’s growing urban environment.
The campaign evokes a sense of enthusiasm and excitement by capturing the positivity and vibrancy of the new Saudi vision, which is vital to the Doctor M brand.
“The group’s strategic investment into Doctor M, timed with our store expansions, perfectly aligns with this vision, as it enables us to broaden our reach through our lifestyle banner and further solidify our dominance in the market,” said Souha Hasan, vice president of mainstream businesses of the group.
She added: “The ambitious Saudi 2030 vision serves as a great source of inspiration for individuals and companies alike, and I take immense pride in stating that Magrabi Retail Group is at the forefront of driving growth within our sector.”
Magrabi Retail Group to double Doctor M stores across the Middle East
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Magrabi Retail Group to double Doctor M stores across the Middle East
No Saudi acquisition offers: FC Barcelona tells Al-Eqtisadiah
CAIRO: FC Barcelona has not received any offers, whether from Saudi Arabia or elsewhere, to acquire the club, according to an official source who spoke to Al-Eqtisadiah.
According to the source, the circulating news regarding the possibility of finalizing a deal to acquire the club in the coming period is a mere rumor.
Recent Spanish reports had indicated the possibility of a Saudi acquisition of Barcelona shares for around €10 billion ($11.7 billion), a move considered capable of saving the club from its financial crises if it were to happen, especially as it suffers from debts estimated at around €2.5 billion.
Sale not in management’s hands
Joan Gaspart, the former president of the club, confirmed that the current board of directors, chaired by Joan Laporta, does not have the right to dispose of the club’s ownership.
He added: “FC Barcelona is owned by about 150,000 members, and selling the club is something the owners will not accept. FC Barcelona possesses something no other club in the world has; money is very important, and so is passion, but the sentiment of the members today is to continue what the club has been for 125 years.”
High market value
Despite the financial crisis the club has been going through in recent years, FC Barcelona ranks sixth on the list of the world’s highest market value clubs, with an estimated value of €1.12 billion, according to Transfermarkt. Meanwhile, its rival Real Madrid tops the list with a market value of €1.38 billion.
