Saudi-listed food delivery firm Jahez has agreed to acquire a 76.56% stake in Qatar’s on-demand delivery company Snoonu for $245m.
Established in 2019, Snoonu operates as a multi-vertical platform covering food, grocery, e-commerce and logistics.
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Jahez will purchase 8,144,546 shares, representing 75% of Snoonu’s share capital, from existing shareholders for $225m using a mix of cash and shares.
Jahez will also subscribe to 723,960 newly issued shares, equating to a further 1.56% of Snoonu’s share capital, for $20m in cash.
The transaction remains subject to regulatory approvals and customary closing conditions, with completion expected in the second half of 2025.
Upon closure, Jahez will hold the majority stake in the acquired company, while Snoonu’s founder and CEO, Hamad Mubarak Al Hajri, will retain a 23.44% share.
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By GlobalDataSnoonu will continue to operate under its brand post-acquisition and will be led by Hamad Mubarak Al Hajri.
The deal values Snoonu at QR1.165bn ($320m), making it Qatar’s first startup to exceed a QR1bn valuation.
The acquisition represents Jahez’s entry into the Qatari market, aligning with its expansion strategy across the Gulf Cooperation Council region.
Established in 2016, Jahez offers on-demand services, q (quick)-commerce, last-mile delivery, digital solutions and cloud kitchens in Saudi Arabia, Bahrain and Kuwait.
Jahez CEO Ghassab Al-Mandeel was quoted by Wamda: “This partnership is a win-win for all stakeholders as we expand our presence in the region.
“Snoonu’s impressive growth journey will be further fuelled by Jahez’s infrastructure and scale, while we gain access to Snoonu’s cutting-edge product engine, talent and high-performance platform across its portfolio.
“Our companies share the same entrepreneurial DNA and most importantly, have a proven ability to grow profitably in a competitive sector. Together, we will unlock new opportunities for customers and merchants, cementing our position as the region’s trusted on-demand platform and continuing to deliver shareholder value.”
