by famagusta-gazette.com — In the midst of a protracted economic crisis, Lebanese wineries are eyeing the lucrative Chinese market, calling for a …

By David Sadler — Today, an official Lebanese delegation is heading to the border area of ​​Naqoura, to deliver the American mediator, …

by business-standard.com -- Zara owner Inditex has reached an agreement to sell its Russian business to a Lebanese retail and real estate conglomerate, the Spanish fashion giant said on Tuesday in a statement to the country's competition authorities. The buyer is Daher Group and the potential purchase is pending approval from Russian authorities, Inditex said, without disclosing financial details.

Inditex halted its business in Russia on March 5, shortly after Russian President Vladimir Putin ordered the invasion of Ukraine at the end of February. Following other western brands, the fashion retailer closed its 502 shops and stopped online sales. Tuesday's announcement marks the end of Inditex's business in Russia, although the retailer said it would consider returning through a franchise collaboration with Daher if market circumstances changed. The statement to CNMC, the commission that oversees competition in Spain, made no direct reference to the war in Ukraine. The sale agreement includes the transfer of most of the lease contracts of its existing stores, which Inditex says will enable the preservation of a substantial number of jobs generated by the group. Founded in 1975 by Amancio Ortega, Inditex' rapid success hinged on the ability to serve new fashion collections in record time. It currently operates several brands globally, including Massimo Dutti, Bershka, Pull & Bear and Oysho.

About Daher Group

The Lebanese Daher family have become billionaires by opening 55 fashion and lifestyle brands in 14 countries in the Middle East and North Africa. The Daher brothers — Wassim, Said, and Hasan — own Azadea Group, a Beirut-based company that own and manage 600 retail outlets, including Max Mara, Sunglass Hut, Massimo Dutti, and Zara, among others. Azadea’s largest collection of stores are in mega malls in the United Arab Emirates, which is the company’s most profitable country, according to a former Azadea senior executive. The company employs 11,000 people and the brothers are estimated to have a fortune of at least $1.4 billion, according to the Bloomberg Billionaires Index. Wassim Daher founded the company in 1978 as a multi-brand clothing store in Hamra Beirut. His brother Hasan and Said later joined the company as managing director and chief executive, respectively.

by naharnet — The Syrian government on Monday apologized for not being able to receive Wednesday a Lebanese delegation that was supposed …