Saudi Arabia’s Jahez Snaps Majority Stake In Qatar’s Snoonu

KSA-based Jahez Group has acquired a majority stake in Qatar-based technology company Snoonu—a key player in the country’s commerce and on-demand delivery sector—for US$245 million. 

The deal, which is expected to close in the second half of 2025, will see Jahez own 76.56 percent of the Qatar-born company's share capital, and Hamad Mubarak Al Hajri, founder and CEO of Snoonu, owning the remaining 23.44 percent. 

The deal, which values Snoonu at QAR1.165 billion ($320 million) and includes a $20 million capital injection by Jahez, makes it the first Qatari startup to reach a QAR1 billion ($274.270 million) valuation. 

In a statement, HRH Prince Mishal Bin Sultan Bin Abdulaziz Al Saud, Chairman of the Board of Directors of Jahez, said, “We formed Jahez as a trailblazer in the Saudi startup space, and we are proud to now partner with one of Qatar’s standout success stories. This partnership represents a meaningful step toward realizing our collective long-term vision of shaping the future of tech and commerce in the region. 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.” 

For his part, Snoonu’s Al Hajri said that the partnership with Jahez marks “a defining moment” in the journey of the enterprise that he had founded in 2019. “Together, we are creating a true regional technology champion built on shared values and a common vision for innovation, excellence, and sustainable growth,” he said. “By joining forces, we are combining complementary strengths and deep market knowledge to set new benchmarks in the GCC’s digital economy. This partnership also reaffirms our unwavering commitment to Qatar, a thriving and dynamic market with immense potential, and supports Snoonu’s continued growth journey. Together, we will continue driving technological advancement, creating meaningful value to our users and merchants, and delivering exceptional experiences at scale.” 

Ghassab Al-Mandeel, CEO of Jahez, added, “This partnership is a win-win for all stakeholders as we expand our presence in the region. 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, talent, and high-performance platform across its portfolio. Our companies share the same entrepreneurial DNA and, most importantly, have a proven ability to grow profitably in a competitive sector. Together, we will unlock new opportunities for customers and merchants, cementing our position as the region’s trusted on-demand platform and continuing to deliver shareholder value.” 

Snoonu has had a sharp growth trajectory in recent years. The company more than tripled its gross merchandise value (GMV) to QAR1.37 billion in 2024, while revenue climbed from QAR146 million in 2022 to QAR511 million in 2024—an increase of over 3.5x. Over the same period, Snoonu also charted a path to profitability, reporting a net profit of QAR27 million as well as earnings before interest, taxes, depreciation, and amortization (EBITDA) of QAR54 million in 2024. 

The acquisition marks a significant step for both Jahez and Snoonu, as they look to consolidate their strengths in a bid to build a more integrated and regionally rooted digital ecosystem. With this deal, Jahez gains access to the Qatari market—one of the GCC’s fastest-growing economies—while also enhancing its footprint in e-commerce, logistics, and last-mile delivery. 

By bringing together Jahez’s scale and operational infrastructure with Snoonu’s local leadership and rapid growth in Qatar, the combined group is aiming to drive innovation, expand service lines, and improve user experience across its network of customers, merchants, and delivery partners. 

The move is also expected to generate operational and technological synergies across both entities, particularly in logistics, e-commerce, and customer service, which further reinforces Jahez’s ambitions to become a regional powerhouse in the delivery and digital commerce space, all while maintaining a focus on profitability. 

Following the acquisition, Snoonu is set to continue to operate under its existing brand and management led by Al Hajri as the CEO. Governance will be handled by a four-member board, with three directors appointed by Jahez—including the Chairperson—and one nominated by the founder. Al Hajri is also set to receive 1,538,460 Jahez shares, representing 0.73 percent of Jahez’s total share capital. 

Pictured in the lead image are members of the leadership teams from Snoonu and Jahez. Image courtesy Snoonu.