Acquisition will add 15 stores across four of the seven emirates of the United Arab Emirates and strengthen MAGRABI Retail’s presence in some of the UAE’s most important retail destinations
Transaction represents MAGRABI Retail’s fourth major M&A deal in two years, in line with the Group’s long-term growth strategy
MAGRABI Retail, the Middle East’s largest eyewear retailer, today announced it has signed an agreement to acquire 100% of Dubai Optical, one of the UAE’s longest-established premium optical retailers.
Completion of the transaction is subject to customary closing conditions, including obtaining merger control clearance from the Ministry of Economy of the United Arab Emirates.
Founded in 1978, Dubai Optical was a pioneer in the UAE’s organised optical retail sector and one of the best-known premium optical brands in the UAE. The company operates 19 stores under the Dubai Optical and Optivision brands across four of the UAE’s seven emirates, namely Dubai, Sharjah, Fujairah, and Ajman. Under the terms of the agreement, MAGRABI Retail will acquire only the 15 Dubai Optical-branded stores.
Following completion, Dubai Optical will be fully integrated into MAGRABI Retail while retaining its legacy. The acquisition is expected to generate significant commercial and operational synergies by leveraging MAGRABI Retail’s global agreements, retail excellence and leading vision care standards.
Yasser Taher, CEO of MAGRABI Retail, commented: “Dubai Optical is an exceptional fit for MAGRABI Retail. It is a trusted brand with a longstanding heritage, a strong premium positioning and an established presence in many of the UAE’s most important retail destinations.
Our strategy is not simply about adding scale. It is about investing in strong local businesses with distinctive identities and giving them the capabilities, resources, and platform to achieve their next phase of growth. We see significant potential in Dubai Optical and look forward to building on the strength of the brand, backed by MAGRABI’s almost 100 years of vision care experience, while preserving the qualities that have earned the trust of its customers.”
Mashallah Younesi, Managing Partner of Dubai Optical, added: “Dubai Optical has built its reputation over decades through a distinctive premium offering and strong relationships with customers in the UAE. In MAGRABI Retail, we see a business with the regional scale and expertise to support the brand’s continued development while honouring the legacy built since 1978. We are confident it is the right partner for Dubai Optical’s next phase of growth.”
Arash Mahdi, Managing Partner of Dubai Optical, commented: “Dubai Optical began with humble beginnings, built on the hard work, dedication, and vision of my father. Over the years, he established not just a successful business, but a legacy of trust, quality, and commitment to our customers. As we enter this new chapter with Magrabi, we are confident that they will preserve and build upon this legacy, bringing their expertise, resources, and vision to take Dubai Optical to even greater heights.”
Amin Magrabi, Chairman of MAGRABI Retail, said: “Dubai Optical is a natural next step for MAGRABI Retail and gives further solidity to our M&A outlook. Our approach is disciplined: we look for established businesses that deepen our presence in priority markets and complement our portfolio, and Dubai Optical, with its longstanding premium brand and established footprint, is exactly that.
Saudi Arabia, as our home and founding market, remains central to our identity and long-term strategy. At the same time, the UAE is one of the most important markets in the region and a priority for the Group. It is a hub for retail, tourism and talent, and its strong fundamentals and continued recovery give us long-term confidence in the future of optical retail in the country. With this acquisition, we are investing in that confidence and in the customers who have trusted Dubai Optical for almost five decades.”
This transaction further advances MAGRABI Retail’s strategic M&A roadmap, following the Group’s previously announced and completed key transactions involving Rivoli’s optical retail division and Kefan Optics, as well as its agreement to acquire a majority stake in Baraka Optics, which remains subject to customary regulatory approvals, including clearance from the Egyptian Competition Authority. Each transaction is guided by the same principle: to elevate industry standards and client experience while preserving the local heritage and identity of its partner brands.
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