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
European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
- Analysts warn prolonged disruption could push prices higher
- Some shipments of oil, LNG through Strait of Hormuz suspended
- Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
