Saudi's Jahez Acquires Majority Stake in Qatari Delivery App Snoonu for $245 Million
Saudi Arabian tech giant Jahez International Company has announced a definitive agreement to acquire a majority stake in Snoonu, the Qatar-based delivery and e-commerce platform, in a landmark cash deal valued at $245 million (approx. SAR 918 million).
By the Numbers
$245 Million: The total value of the acquisition.
76.56%: The majority stake in Snoonu acquired by Jahez.
2019: The year Snoonu was founded in Qatar.
A Landmark Tech Acquisition in the Gulf
This transaction represents the largest private tech acquisition in Qatar's history and reflects a major trend of consolidation within the region's highly competitive quick-commerce sector. Under the agreement, Jahez has acquired 75% of Snoonu's existing shares and subscribed to 1.56% of new shares.
Jahez's Strategic Expansion into Qatar
For Jahez, this acquisition is a key strategic move to significantly enhance its presence in the promising Qatari market. The deal expands the Saudi company's operational and technological capabilities, solidifying its position as a dominant regional player in the on-demand delivery space.
The Future for Snoonu's Founder
As part of the deal, Snoonu's founder, Hamad Mubarak Al-Hajri, will retain a 23.44% stake in the company he founded. He was also allocated 0.73% of Jahez's shares, signaling a continued strategic alignment and his ongoing role in the company's future journey.
About the Companies
Jahez: A leading Saudi technology company listed on the Saudi Exchange (Tadawul). It specializes in online food and quick commerce delivery services across the Kingdom and the wider region.
Snoonu: A leading technology company headquartered in Qatar. Founded in 2019, it has grown to become one of the country's most prominent platforms for food, grocery, and retail delivery services.
Looking Ahead
This major acquisition is a clear indicator of the intense competition and consolidation phase in the MENA quick-commerce market. By joining forces, Jahez and Snoonu are positioned to enhance their services, achieve greater scale, and compete more effectively in a market with growing demand for digital and on-demand services.
Source: Jawlah