Jahez International, a leading Saudi-based food delivery and logistics platform, has announced a landmark agreement to acquire a 76.56% stake in Qatar’s Snoonu for a staggering $245 million (SR 919 million). This strategic move, disclosed on the Saudi stock exchange, marks a significant consolidation in the GCC’s rapidly evolving e-commerce and delivery sector.
Under the terms of the Share Purchase and Subscription Agreement (SPSA), Jahez will initially acquire 8.14 million shares, representing 75% of Snoonu’s share capital, from existing shareholders for $225 million. This substantial acquisition will be financed through a combination of Jahez’s internal cash resources, bank facilities, and a portion of its treasury shares. In a further commitment, Jahez will also subscribe to 723,960 newly issued shares for an additional $20 million, securing an extra 1.56% stake.
Snoonu Valuation Soars Past QAR 1 Billion
This transformative transaction values Snoonu, a rising star in Qatar’s tech scene, at approximately QAR 1.17 billion ($320 million). This valuation propels Snoonu into an exclusive club, making it the first Qatari startup to cross the QAR 1 billion threshold, a testament to its rapid growth and market impact since its founding in 2019.
The deal is anticipated to finalize in the second half of 2025, pending crucial regulatory approvals and a forthcoming shareholder vote at Jahez’s extraordinary general meeting.
Upon completion, Jahez will command a dominant 76.56% stake, with Snoonu founder Hamad Al-Hajri retaining the remaining 23.44%. Al-Hajri will continue to lead Snoonu as CEO, supported by the existing executive team. A new four-member board will be established, comprising three representatives from Jahez—including the chairman—and one from Al-Hajri, ensuring strategic alignment while maintaining operational continuity.
Strategic Expansion and Innovation
Snoonu operates a comprehensive e-commerce and delivery platform, offering diverse services ranging from food and grocery delivery to retail and third-party logistics solutions for startups and SMEs. This acquisition seamlessly integrates with Jahez’s overarching strategy to deepen its regional footprint and unlock significant platform synergies across the entire GCC market.
The $20 million capital injection from Jahez is earmarked to fuel Snoonu’s ongoing innovation efforts and ambitious 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, ensuring stability and long-term commitment.
