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.”
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