Key Takeaways
- Saudi-based Jahez Group acquires a majority stake in Qatar’s Snoonu in a $320 million deal
- Valuation crosses QAR 1.165 billion, marking Qatar’s first billion-riyal tech exit
- Deal includes $225M share purchase + $20M capital injection for new shares
- Snoonu reported QAR 511M in revenue and QAR 27M in net profit for 2024
- Founder Hamad Al Hajri retains 23.44% stake and remains CEO
- Snoonu gains access to Jahez’s GCC infrastructure for regional expansion
- The partnership signals growing maturity in the Gulf’s startup ecosystem
In a major cross-border startup acquisition, Saudi Arabia’s Jahez Group has signed an agreement to acquire a 76.56% stake in Snoonu Corporation Holding, the fast-rising Qatari super-app, in a deal that values Snoonu at QAR 1.165 billion (USD 320 million). The transaction marks a pivotal moment in the Gulf’s digital ecosystem, making Snoonu the first Qatari startup to surpass the billion-riyal valuation milestone.
Under the terms of the agreement, Jahez will acquire 75% of Snoonu’s share capital for USD 225 million (SAR 844 million) from existing shareholders. Additionally, it will inject a further USD 20 million (SAR 75 million) into Snoonu through the subscription of new shares, bringing Jahez’s total stake to 76.56%.
The acquisition is expected to close in the second half of 2025, pending regulatory approvals. Following the deal, Snoonu will continue to operate under its own brand, led by founder and CEO Hamad Mubarak Al Hajri, who will retain a 23.44% ownership stake and a seat on the company’s new four-member board.
A Milestone for Qatar’s Tech Economy
Founded in 2019, Snoonu has rapidly evolved from a delivery platform into a multi-vertical super-app spanning e-commerce, q-commerce, last-mile logistics, and B2B services. In 2024, Snoonu more than tripled its gross merchandise value (GMV) to QAR 1.37 billion and reported QAR 511 million in revenue. With a net profit of QAR 27 million and EBITDA of QAR 54 million, the company has proven its ability to scale profitably.
The valuation and investment represent a vote of confidence not only in Snoonu’s operational model but in Qatar’s broader ambition to build a knowledge-based, innovation-led economy. “This transformative partnership with Jahez marks a defining moment in Snoonu’s journey,” said Al Hajri. “Together, we are creating a true regional technology champion built on shared values and a common vision for innovation, excellence, and sustainable growth.”
Strategic Synergies Across the GCC
For Jahez Group, the acquisition marks its official entry into the Qatari market and a step forward in building a regionally diversified tech portfolio. Founded in 2016, Jahez operates an integrated platform of on-demand services, cloud kitchens, and digital logistics. The company’s infrastructure spans over 100 cities across Saudi Arabia, Bahrain, and Kuwait, serving 4.3 million active users and 45,000+ merchant branches.
“This partnership is a win-win for all stakeholders,” said Eng. Ghassab Al-Mandeel, CEO of Jahez. “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 and high-performance platform.”
Both companies expect to realise significant operational and technological synergies. These include shared logistics networks, digital infrastructure, and platform enhancements that will accelerate product innovation and improve user experiences across the region.
A Regional Blueprint for Collaboration
The agreement is being hailed as more than a transaction, it is a signal of a maturing Gulf tech ecosystem. HRH Prince Mishal Bin Sultan Bin Abdulaziz Al Saud, Chairman of Jahez’s Board of Directors, noted: “By bringing together two homegrown tech leaders, we are reinforcing our commitment to innovation and regional collaboration while supporting the next phase of digital growth for the region.”
The deal also positions Snoonu as a potential pathfinder for other emerging startups in Qatar. It demonstrates that locally built platforms can scale, attract institutional investment, and compete on a regional stage without losing their national identity or leadership autonomy.
Building Beyond Borders
Post-acquisition, Snoonu will remain rooted in Qatar, continuing to contribute to its digital transformation goals as set out by the Qatar National Vision 2030. At the same time, the company will tap into Jahez’s wider operational footprint to expand its reach and service offerings.
“This partnership also reaffirms our unwavering commitment to Qatar, a thriving and dynamic market with immense potential,” said Al Hajri.
As Gulf economies seek to diversify and compete globally, the Snoonu-Jahez alliance represents a case study in regional scale, public-private alignment, and cross-border technology growth. It is not just a Qatari success story, it is a Gulf innovation milestone.
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Last Updated on July 9, 2025 by Safiya K
