MAGRABi restructures board for global governance standards

The newly appointed board members have been carefully chosen to align with the group’s strategic objectives, said Yasser Taher, CEO of MAGRABi Retail Group. Photo/Supplied
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Updated 26 November 2023
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MAGRABi restructures board for global governance standards

RIYADH: Eyewear retailer MAGRABi is reworking its board structure by introducing industry professionals with diverse backgrounds and global experience.

The company aims to meet international standards and reshape the region’s corporate governance landscape, highlighted a top official.

The firm revealed to Arab News that the newly appointed board members, recognized for their “deep sector expertise and caliber” within their respective industries, have been selected to advance the goals outlined by the retail group.

“They have been carefully chosen to align with the group’s strategic objectives. These specialisms include luxury retail, corporate finance, retail real estate, vertical integration including supply chain, mainstream retail, and ESG,” Yasser Taher, CEO of MAGRABi Retail Group, said.

He added: “We also partnered with Spencer Stuart, the renowned global executive search firm, to ensure that the newly appointed board members align with the group’s overall strategy and with Harvard Business School’s Fortune 500 best practice recommendations for corporate governance.” 

This board formation follows the recent appointment of Taher as the MAGRABi Retail Group’s first non-family CEO. Notably, it includes a lead independent director aligning with the standard practice for publicly listed companies worldwide. 

The group is appointing six new board members, reflecting the C-suite leadership composition and supporting the firm’s broader restructuring objectives. 

“Additionally, an important dynamic of this unique board structure is equal voting rights irrespective of shareholding,” Taher said. 

He also underlined that the new board will help foster company drive, leveraging their individual expertise and experience. 

“These plans include new store openings and the possibility of expansion into new markets in the coming years. The new board announced today will drive the group’s transformation to position it as a world-class leader in its category and into the next phase of its journey,” he continued. 

Furthermore, MAGRABi Retail Group aspires to become the Middle East's first corporation to achieve an equal gender balance across all organizational levels.

“Another key driver is our commitment to achieving a 50/50 gender balance across all levels of the organization by 2025, which is reflected in the structure of the board that also respects this ratio,” Taher commented. 

He added that, at the moment, “Our key focus is on consolidating our leadership position in the Middle East and growing our omnichannel presence, with a view to international expansion in the future.”  

The goal is to ensure equal representation and opportunities for both genders throughout the company’s hierarchy, promoting diversity and inclusivity in its workforce. 

“Saudi Arabia is fundamental to our growth strategy, being a key market for MAGRABi and also where we first launched our lifestyle banner, Doctor M, in 2021, along with our MAGRABi female-only store,” Taher said. 

The restructuring represents the group’s commitment to additional transparency and a departure from the company’s traditional family-led management. 

MAGRABi’s new nine-member board, which was effective Jan. 1, 2023, emphasizes independence, with six seats held by independent directors aligned with the company’s strategic goals. 

“If you look at the biographies of the board members, it is clear we have greatly widened the skillset and sector expertise. Leveraging this expertise and talent is another key aspect for developing this board and achieving our ambitions,” he commented. 

The newly appointed directors include Huda Al-Lawati, founder and CEO of Aliph Capital, Hisham El-Khazindar, co-founder and managing director of Qalaa Holdings, and Pierre Fayard, CEO of Middle East, India and Africa region at Richemont. 

Additional directors include Dee Sarai, CEO of Al-Tayer Insignia, Nisreen Shocair, group chief transformation officer at Beyond One and group CEO for Showcase Luxury Consultancy, and Hanife Ymer, senior vice president and head of environmental, social and governance at Sohar International. 

“Achieving world-class governance standards for publicly listed companies and role modeling best practices is one of the primary objectives of my tenure as chair, and I am delighted to lead a high-caliber board with such diverse backgrounds and international expertise, as we prepare for the future,” Amin Magrabi, chair of MAGRABi Retail Group said. 

MAGRABi Retail Group, operating across five markets, has outlined a comprehensive strategy aimed at significant expansion and investment. The focal point of their plan involves a clear trajectory to increase the number of Doctor M stores to 300. 

This goal is underscored by a significant financial commitment, with a $100 million investment allocated for the group to open 200 stores within the next three years. 


Over 3k flights cancelled across the Middle East after attack on Iran by the US, Israel

Updated 01 March 2026
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Over 3k flights cancelled across the Middle East after attack on Iran by the US, Israel

RIYADH: US and Israeli strikes on Iran led to widespread airspace shutdowns in the Middle East, canceling and rerouting thousands of flights and paralyzing key international travel corridors.

Flight cancellations affected seven airports across the Middle East, including Dubai and Abu Dhabi in the UAE, Doha in Qatar, and Manama in Bahrain.

Emirates Airlines said in a statement: “Due to multiple regional airspace closures, Emirates has temporarily suspended all operations to and from Dubai, up until 1500 hrs UAE time on Monday, 2 March.”

A flydubai spokesperson said the situation is evolving, and the airline is closely monitoring developments while coordinating with authorities to adjust its flight schedule.

“Our teams are working diligently to implement comprehensive welfare for all affected customers. The safety of our passengers and crew remains our highest priority,” the spokesperson said.

He added: “We are currently experiencing a high volume of calls and appreciate our customers’ patience while our teams work to assist everyone as quickly as possible.”

Qatar Airways announced that the airport will remain closed until at least the morning of March 2.

“Qatar Airways flights to, and from, Doha have been temporarily suspended due to the closure of Qatari airspace,” the airline said.

It added: “Qatar Airways will resume operations once the Qatar Civil Aviation Authority announces the safe reopening of Qatari airspace.”

Saudia also said in an official statement that it had canceled a number of flights due to developments in the region and the closure of airspace.

The organization said the decision was taken in line with aviation safety and security standards, noting that its Emergency Coordination Center is closely monitoring developments with relevant authorities.

Saudia urged passengers to verify the status of their flights before heading to the airport and said guests would be notified of updates through the contact details associated with their bookings.

The carrier added that further information would be announced in a subsequent statement if available.

Air Arabia also said its flights were experiencing cancellations, delays, or rerouting as a result of the evolving situation and airspace closures.

Airlines cited airspace closures and safety concerns as the main reasons for flight disruptions, urging passengers to check official channels for updates as the situation develops.

Israeli airspace also remained closed on March 1st. Israeli airline El Al said it was preparing a recovery effort to bring home Israelis stranded abroad once the airspace reopened.

Travelers were either stranded or diverted to other airports on Feb. 28 after Israel, Qatar, Syria, and Iran as well as Iraq, Kuwait and Bahrain, closed their airspace.

After the UAE announced a temporary partial airspace closure, FlightRadar24 recorded no flights over the country.

The closures affected key hub airports in Dubai, Abu Dhabi, and Doha. Emirates, Qatar Airways, and Etihad, airlines that operate from these hubs, normally handle around 90,000 passengers daily, with even more traveling to other Middle Eastern destinations, according to aviation analytics firm Cirium.

Airports hit by attacks

Two airports in the UAE reported incidents as the government there condemned what it called a “blatant attack involving Iranian ballistic missiles” on Feb.28.

Dubai International Airport, the UAE’s largest and one of the world’s busiest, reported four injuries, while Abu Dhabi’s Zayed International Airport said a drone attack killed one person and injured seven others. Strikes were also reported at Kuwait International Airport.

Though Iran did not publicly claim responsibility, the scope of retaliatory strikes that Gulf nations attributed to Iran extended beyond the US bases that it previously said it would target.

Flight delays, cancellations are likely to continue

“For travelers, there’s no way to sugarcoat this,” said Henry Harteveldt, an airline industry analyst and president of Atmosphere Research Group.

“You should prepare for delays or cancellations for the next few days as these attacks evolve and hopefully end,” he added.

To avoid conflict zones, airlines are rerouting Middle East flights over Saudi Arabia, adding hours and fuel costs, which could push ticket prices higher if the tensions persist.

The extra flights will strain air traffic controllers in the Kingdom, who may need to slow traffic for safety. Meanwhile, countries that closed their airspace will lose out on overflight fees from passing airlines.

Mike McCormick, former head of air traffic control at the FAA and now a professor at Embry-Riddle Aeronautical University, said some countries may reopen parts of their airspace in the coming days once US and Israeli officials provide airlines with details on military flight zones and Iran’s missile capabilities.

“Those countries then will be able to go through and say, ok, we can reopen this portion of our space but we’ll keep this portion of our airspace closed,” McCormick said.

“So, I think what we’ll see in the next 24 to 36 hours is how the use of airspace evolves as the kinetic activity gets more well-defined and as the capability of Iran to actually shoot missiles and create additional risk is diminished due to the attacks,” he added.

But it is unclear how long the disruption to flight operations could last. For comparison, the Israeli and US attack on Iran in June 2025 lasted 12 days.