Latest news with #Snoonu
CairoScene
11-07-2025
- Business
- CairoScene
Jahez Acquires 76.6% of Qatar's Snoonu in $245 Million Deal
Jahez Acquires 76.6% of Qatar's Snoonu in $245 Million Deal Saudi-based delivery firm Jahez acquires 76.6% of Qatar's Snoonu for $245 million, boosting its presence in the GCC's on-demand and logistics markets. Jahez International, the Saudi-based food delivery and logistics platform, has signed a Share Purchase and Subscription Agreement (SPSA) to acquire a 76.56% stake in Qatar's Snoonu for $245 million (SR 919 million), according to a disclosure on the Saudi stock exchange. Under the agreement, Jahez will acquire 8.14 million shares - representing 75% of Snoonu's share capital - from existing shareholders for $225 million. The deal will be financed through a combination of internal cash resources, bank facilities, and Jahez's treasury shares. Additionally, Jahez will subscribe to 723,960 newly issued shares, securing an additional 1.56% stake for $20 million. The transaction values Snoonu at approximately QAR 1.17 billion ($320 million), making it the first Qatari startup to cross the QAR 1 billion threshold. The deal is expected to close in the second half of 2025, subject to regulatory approvals and a shareholder vote at Jahez's upcoming extraordinary general meeting. Upon completion, Jahez will hold a 76.56% stake, while Snoonu founder Hamad Al-Hajri will retain the remaining 23.44%. Al-Hajri will continue to serve as CEO, supported by Snoonu's existing executive team. A new four-member board will be formed, comprising three representatives from Jahez - including the chairman - and one from Al-Hajri. Snoonu, founded in 2019, operates an integrated e-commerce and delivery platform offering food, grocery, and retail services, alongside third-party logistics solutions for startups and SMEs. The acquisition aligns with Jahez's broader strategy to deepen its regional footprint and drive platform synergies across the GCC. The $20 million capital injection is set to support Snoonu's ongoing innovation efforts and market expansion initiatives. The agreement also includes standard terms and warranties, with lock-up periods on transferred shares governed by Saudi Arabia's Capital Market Authority.
Arabian Business
10-07-2025
- Business
- Arabian Business
Saudi's Jahez to acquire 76.56% stake in Qatar's Snoonu for $245mn
Saudi Arabia's Jahez International Company for Information System Technology (Jahez) is acquiring a controlling stake of 76.56 per cent in Snoonu, one of Qatar's fastest-growing technology and on-demand delivery companies, in a deal worth US$245 million. Jahez will acquire 8,144,546 shares, representing 75 per cent of Snoonu shares, from existing shareholders for US$225 million. It will subscribe to 723,960 newly issued shares in Snoonu, representing an additional 1.56 per cent of shares for another US$20 million. Founder and CEO of Snoonu, Hamad Mubarak Al Hajri, will own the remaining 23.44 per cent. Jahez acquires majority stake in Snoonu The deal, which values Snoonu at US$320 million (QAR1.16 billion), is expected to be completed in the second half of the year and is subject to regulatory approvals and closing conditions. According to a statement from a Saudi food delivery firm, it makes Snoonu Qatar's first-ever start-up to surpass the QAR1 billion valuation milestone. Snoonu is a multi-vertical platform that spans food, grocery, e-commerce, and logistics, and has rapidly captured a leading market share in Qatar since its inception in 2019. It has more than tripled its GMV to QAR1.37 billion (US$380 million) in 2024. Revenue has grown over 3.5x from QAR146 million (US$40.1 million) in 2022 to QAR511 million (US$140.4 million) in 2024. Over the same period, it reported a net profit of QAR27 million and QAR54 million in EBITDA in 2024. The valuation includes a US$20 million capital injection by Jahez that will support Snoonu's expansion and enhance its innovation capabilities across its platforms. Snoonu will continue to operate under its own brand, led by Al Hajri and its current executive management team. A four-member board will be established, comprising three directors appointed by Jahez (including the Chairperson) and one seat for a director appointed by the founders. By combining Jahez's scale and operational expertise with Snoonu's rapid growth and market leadership in Qatar, the group aims to accelerate innovation, broaden service offerings, and deliver an even more seamless experience to customers, merchants, and delivery partners across the region. Mishal Bin Sultan Bin Abdulaziz Al Saud, Chairman of the Board of Directors, Jahez, commented: 'We formed Jahez as a trailblazer in the Saudi startup space and are proud to now partner with one of Qatar's standout success stories. 'This partnership represents a meaningful step toward realising our collective long-term vision of shaping the future of tech and commerce in the region. By bringing together two homegrown tech leaders, we are reinforcing our commitment to innovation and regional collaboration.' Ghassab Al-Mandeel, Chief Executive Officer of Jahez, added: 'Snoonu's impressive growth journey will be further fueled 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 have a proven ability to grow profitably in a competitive sector.' The transaction will be funded from Jahez's existing cash reserves and bank facilities, as well as existing treasury shares held by the company. Al Hajri, Founder and CEO of Snoonu, said: 'This transformative partnership with Jahez marks a defining moment in Snoonu's journey. Together, we are creating a true regional technology champion built on shared values and a common vision for innovation, excellence, and sustainable growth. 'By joining forces, we are combining complementary strengths and deep market knowledge to set new benchmarks in the GCC's digital economy.'
Yahoo
09-07-2025
- Business
- Yahoo
Jahez to acquire 76% stake in Qatar's Snoonu for $245m
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. 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. Snoonu 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.' "Jahez to acquire 76% stake in Qatar's Snoonu for $245m" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
ILoveQatar.net
09-07-2025
- Business
- ILoveQatar.net
Snoonu joins forces with Saudi's Jahez Group, becomes Qatar's first QR 1 billion tech start up
In a groundbreaking move, Qatar's homegrown tech champion, Snoonu, has joined forces with Jahez Group, a leading integrated ecosystem of on-demand services in Saudi Arabia, setting the stage for a transformative journey in the Gulf's digital landscape. The deal sees Snoonu, Qatar's fastest-growing technology company, valuing the company at over QR 1 billion, making Snoonu the first Qatari tech startup to cross this milestone. This supports its path to becoming Qatar's first unicorn and establishing one of the most dynamic technology powerhouses in the GCC. This transaction represents a strong vote of confidence in Snoonu's growth trajectory and will support the company in regional expansion and enhance innovation across its platforms. 'This transformative partnership with Jahez marks a defining moment in Snoonu's journey,' said Hamad Al Hajri, Founder and CEO of Snoonu. 'Together, we are creating a true regional technology champion built on shared values and a common vision for innovation, excellence, and sustainable growth. By joining forces, we are combining complementary strengths and deep market knowledge to set new benchmarks in the GCC's digital economy. This partnership also reaffirms our unwavering commitment to Qatar, a thriving and dynamic market with immense potential, and supports Snoonu's continued growth journey. Together, we will continue driving technological advancement, creating meaningful value to our users and merchants, and delivering exceptional experiences at scale.' Key Highlights: Empowering Local Innovation: The initiative accelerates Snoonu's mission to deliver cutting-edge solutions, fostering local talent and attracting bright minds from around the world to contribute to Qatar's growing tech ecosystem. Boosting Qatar's Digital Economy: The investment signifies a robust vote of confidence in Qatar's digital infrastructure and its potential to lead in the tech arena. Regional Synergy: Combining Snoonu's dynamic approach with Jahez's extensive experience creates a powerhouse poised to redefine the digital experience across the GCC. This strategic transaction is more than a business deal; it's a commitment to shaping a future where technology bridges communities, enhances lives, and positions Qatar at the forefront of digital transformation.
Bloomberg
09-07-2025
- Business
- Bloomberg
Saudi Delivery App Jahez to Buy Major Stake in Qatar's Snoonu
Saudi Arabian delivery platform Jahez has agreed to acquire a majority stake in Qatari e-commerce platform Snoonu, in a positive signal for venture capital investors looking for more sign of exits in the Middle East. Jahez is set to purchase about 75% of the share capital of Snoonu for $225 million, according to a statement on Wednesday. It will also subscribe to 1.56% of new shares for an additional cash consideration of $20 million.
