Jahez Group will acquire the Qatari e-commerce and delivery company Snoonu in the Saudi company’s first venture into the country and as part of its regional expansion.

Jahez, which is based in Riyadh and listed on the Saudi Exchange, will acquire 76.56 percent of the Qatari company for $245 million.

It will give Snoonu a valuation of QAR1.17 billion ($320 million) and make it the first Qatari startup to cross the QAR1 billion mark.

Shares in Jahez have risen by more than 3 percent since the news was announced on Wednesday.

“This partnership is a win-win for all stakeholders as we expand our presence in the region,” said Jahez CEO Ghassab Al-Mandeel in a press release to the Saudi Exchange.
“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.”

Jahez Group already manages a number of e-commerce and delivery platforms, including quick commerce company PIK, ticketing platform Blu and its flagship food-delivery service Jahez. It reported record comprehensive income in 2024 of nearly $50 million, an increase of 47 percent year on year.

Snoonu, which was founded in 2019, delivers food, groceries, and retail products and offers logistics services for third parties.

“This partnership also reaffirms our unwavering commitment to Qatar, a thriving and dynamic market with immense potential,” its CEO Hamad Al Hajri said in the same press release.

Under the terms of the deal, Al Hajri will stay on as chief executive and take a minority stake of 23.44 percent.

Jahez, which was founded in 2016, accounts for around 32 percent of e-commerce deliveries in Saudi Arabia, according to comments made by its chief financial officer Heni Jallouli in March to local media.

It began expanding internationally in late 2021, when it launched in Bahrain, and the following year, when it began operations in Kuwait.

According to Jallouli, its international business accounts for 11 percent of total order values, up from 5 percent in 2023.

The acquisition of Snoonu is subject to approval by the relevant authorities and is expected to close in the second half of this year.

Author Credits- Edmund Bower
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