Hermes, Chanel, Louis Vuitton pause business in Russia over Ukraine war

Hermes group runs three stores in Russia, including one in the Gum department store on Red Square, and employs 60 people in the country

Chanel, which has 17 stores in Russia, said that “major uncertainty and the complexities of operating” had led it to temporarily suspend its operations in the country

Iraq’s February oil exports highest in last two years

The rate of Iraq's exports during the month amounted to 3.314 million barrels per day

The revenues for March will be higher than the last month, based on the current market data

Volkswagen plans 2 bn euro electric car plant in Germany

The announcement of the $2.2 billion investment came on the same day Tesla got the green light from local officials to start production at a new plant near Berlin

Volkswagen aims at dominating the electric car market by 2025 as it accelerates the pace to catch up with US pioneer Tesla

Dubai sees weeklong real-estate transactions worth $1.91bn

Dubai Gold & Commodities Exchange Feb trades total $13.68 bn

The exchange registered a monthly Average Open Interest (AOI) of 125,206 contracts during February and saw its precious metals' portfolio lead trading activity.

DGCX's West Texas Intermediary (WTI) Futures gained traction following increased volatility in oil markets.

Dubai International Boat Show to feature 800 brands from 54 countries

This is MENA yachting industry's first international in-person event since the COVID-19 pandemic. It will run at Dubai Harbour.

The region home to 12.6 percent of global superyachts, the world's second-highest fleet-to-billionaire ratio.

Telecom Egypt reports $535m profit

The rise in profit came in line with a 16 percent surge in revenues year-on-year, reaching 37 billion Egyptian pounds

The Egypt-based company also contributes to national digitization projects

Al Arabia posts $55m profit

Profits of the Riyadh-based firm, partly owned by media giant MBC group, soared as the advertising industry rebounded from pandemic-hit 2020

The economic recovery, along with a continued digitization push in the Kingdom, led to a 45 percent increase in revenues year-on-year to SR720 million

Smoke robs Iraq of the dream of clean energy

The flares produce vast amounts of carbon dioxide and other greenhouse gases, contributing to global warming without any economic or social benefit

Currently, only half of the three million cubic feet of gas that comes out of Iraqi oil wells each day is captured and processed

AMEA Power awarded $100m

In December 2019, a consortium formed by AMEA Power and TBEA Xinjiang New Energy was awarded the 100MW solar power plant located in Kairouan in Tunisia.

The solar power plant construction is expected to begin by the end of this year.