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U.S. travel spending is showing signs of cooling, with lodging and tourism down 2.5% and airline spending down 6% year-over-year as of March 22. Despite this, weekly spending remains 10% above 2019 levels, and some Americans are still traveling abroad, with overseas spending up 2.6% in early 2025. Lower-income households are cutting back the most, reflecting broader economic pressures.
Barclays has adjusted its price target for Schlumberger Limited to $53 from $54 while maintaining an overweight rating. Schlumberger, the leading provider of oil and gas exploration and production services, generates net sales primarily from well development (36.2%) and oil production equipment (32.9%), with a significant portion also from optimizing reservoir performance (19.4%) and digital solutions (11.5%). Geographically, sales are distributed across North America (18.4%), the Middle East and Asia (35.9%), Europe/CIS/Africa (26.6%), and Latin America (18.5%).
ADQ has acquired a 63.26% stake in Aramex through a voluntary cash offer via Q Logistics Holding, valuing the courier firm at approximately Dh4.39 billion. The offer, priced at Dh3 per share, received a 40.57% acceptance from shareholders and follows ADQ's existing 22.69% stake through Abu Dhabi Ports Group. This move is part of ADQ's strategy to enhance its logistics portfolio, which includes various transport assets.
Saudi budget airline flynas plans to sell a 30% stake in an IPO on the Tadawul stock exchange, aiming to capitalize on growing investor interest in Gulf aviation. This move aligns with Saudi Arabia's Vision 2030 goals to diversify the economy and boost tourism, as the airline targets a fleet expansion to 160 aircraft by 2030. Flynas, profitable since 2015 (excluding 2020), reported SAR 6.3 billion in revenues for 2023, marking a 32% increase year-on-year.
Abu Dhabi's ADQ has acquired a 63.26% stake in Dubai-listed courier firm Aramex through its subsidiary, Q Logistics Holding, which secured 40.57% of shares in a voluntary cash offer. The offer, priced at 3 dirhams (US$0.82) per share, values Aramex at 4.39 billion dirhams (US$1.2 billion). This acquisition is part of ADQ's strategy to enhance its transport and logistics portfolio, which includes Abu Dhabi Ports Company and Etihad Airways.
Tabreed has secured a significant contract to provide district cooling services for the Palm Jebel Ali development, marking a major advancement in the UAE's cooling sector. Construction of the cooling network is set to begin in Q2-2025, with services expected to commence by 2027, addressing a demand for around 250,000 RTs of cooling capacity. The project, requiring an investment of Dh1.5 billion, will be managed by a joint venture, with Tabreed holding a 51% stake and Dubai Holding Investments owning 49%.
The MENA startup ecosystem is gaining momentum in Q1 2025, highlighted by significant funding and strategic acquisitions across various sectors. Nayla Finance raised $4 million to enhance SME lending in Saudi Arabia, while Epik Foods acquired Sauce Capital for $15 million, creating a major F&B operator. Additionally, NKN Media secured $9.5 million for global expansion, and EHC Investment fully acquired Al-Fanar Gas Group, strengthening its position in the UAE energy sector.
In January, Saudi Arabia's total merchandise exports reached SR97.18 billion, a 2.4% year-on-year increase, with non-oil exports rising to SR26.48 billion, reflecting a 10.7% growth. China was the top destination for exports, receiving SR14.74 billion, while imports rose 8.3% to SR72.62 billion, primarily from China. The Kingdom's non-oil sector continues to expand, contributing significantly to economic diversification efforts under Vision 2030.
Iran's President Masoud Pezeshkian has rejected direct negotiations with the U.S. regarding its nuclear program, responding to a letter from President Trump. While indirect talks remain a possibility, tensions have escalated following the U.S. withdrawal from the nuclear deal and ongoing military actions in the region. Iran's leadership emphasizes the need for confidence-building measures, as threats of military action loom amid fears of a nuclear confrontation.
Rebel Foods is planning an IPO in 2026 as it expands its operations, currently managing 350 kitchens across 70 cities in India and 27 international locations. The company, known for brands like Faasos and Oven Story Pizza, has reduced its net loss by 42% while increasing revenue by 19% in FY24. Recently, it launched QuickiES, a 15-minute food delivery service, and emphasizes technology for maintaining food quality.
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us travel spending shows signs of decline after post pandemic surge
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23:20 31.03.2025
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mena startup sector gains momentum with significant funding and acquisitions
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saudi arabia reports significant growth in exports and imports for january
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iran rejects direct talks with us amid escalating nuclear tensions
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