Jahez Group Expands into Qatar with $245 Million Snoonu Acquisition
Saudi-listed Jahez Group is making a significant move to expand its presence in the Gulf Cooperation Council (GCC) region. The company has finalized a deal to acquire a controlling 76.56% stake in Qatar’s leading e-commerce and on-demand delivery platform, Snoonu, for a total of $245 million. This strategic acquisition marks Jahez’s official entry into the Qatari market, solidifying its position as a major player in the region’s burgeoning digital economy.
Deal Details and Strategic Implications
The $245 million transaction comprises two key components. The majority of the investment, $225 million, is allocated for acquiring 75% of Snoonu’s existing shares. Additionally, a $20 million capital injection will secure a newly issued 1.56% stake. This investment not only provides Jahez with a significant foothold in Qatar but also values Snoonu at over $300 million, a significant milestone for a Qatari startup, driven by its impressive Gross Merchandise Value (GMV) growth and increasing profitability. Snoonu will continue to operate under its existing brand, led by founder and CEO Hamad Al Hajri, who will retain a substantial 23.44% ownership stake. This is important for the ongoing growth and success. With this deal, both companies aim to combine expertise for new efficiencies and more value for consumers.
Conclusion
This acquisition represents a strategic step for Jahez, enabling it to capitalize on the rapidly expanding e-commerce and delivery landscape within the GCC. The synergy between Jahez and Snoonu promises to unlock operational and technological advantages across logistics, e-commerce, and delivery services. This venture underscores the growing importance of digital commerce in the Middle East and reflects the potential for significant growth and innovation in the region’s tech sector.
Keywords
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