Saudi-Qatari Delivery Apps Consolidate

Saudi-Qatari delivery apps consolidate

Saudi-listed delivery platform Jahez has bought a majority stake in Qatar’s top e-commerce delivery startup, marking a much-needed bright spot for the region’s entrepreneurial scene. Jahez will buy three-quarters of Snoonu’s share capital for $225 million and subscribe to 1.56% of new shares for a cash injection of $20 million, according to a statement. Snoonu, which counts Qatar Development Bank as a backer, will continue to operate under its o…

Jahez continues expansion with first Qatari acquisition

Delivery giants join forces Snoonu valuation at $320m Jahez shares rose 3% 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 mak…