Snoonu, Qatar’s leading on-demand delivery and technology platform, has made history as the first startup in the country to surpass a QAR 1 billion valuation, following a groundbreaking acquisition agreement with Saudi-based Jahez International Company for Information System Technology.
In a joint announcement, Jahez and Snoonu Corporation Holding confirmed the signing of a Share Purchase and Subscription Agreement (SPSA), which will see Jahez acquire a 76.56% controlling stake in Snoonu. The deal places a total valuation of QAR 1.165 billion ($320 million) on the Qatari firm.
Under the terms of the SPSA, Jahez will purchase 8.14 million shares representing 75% of Snoonu’s equity from existing shareholders for $225 million, paid in a mix of cash and shares. Additionally, Jahez will inject $20 million in cash to subscribe to 723,960 new shares, representing a further 1.56% stake.
Upon completion in the second half of 2025, Jahez will hold 76.56% of the company, with Snoonu founder and CEO, Eng. Hamad Mubarak Al Hajri, retaining the remaining 23.44%. The deal is subject to regulatory approval and customary closing conditions.
Founded in 2019, Snoonu has rapidly scaled its multi-vertical platform spanning food delivery, groceries, e-commerce, and logistics, becoming a dominant force in Qatar’s tech ecosystem.
The startup’s GMV tripled to QAR 1.37 billion in 2024, while revenue grew from QAR 146 million in 2022 to QAR 511 million. That same year, Snoonu reported QAR 27 million in net profit and QAR 54 million in EBITDA, underscoring its operational efficiency and path to sustainable profitability.
Following the deal, Snoonu will maintain its brand identity and leadership, with Eng. Al Hajri and the current executive team continuing operations. A four-member board will be established, with three directors appointed by Jahez and one by the founder.
“This transformative partnership with Jahez marks a defining moment in Snoonu’s journey,” said Eng. Hamad Al Hajri, Snoonu’s CEO. “Together, we are creating a regional technology champion built on shared values and a vision for sustainable growth and innovation.”
Jahez Chairman, HRH Prince Mishal Bin Sultan Bin Abdulaziz Al Saud, said the collaboration is a natural next step in Jahez’s mission to shape the future of commerce in the region. “We are proud to partner with one of Qatar’s standout success stories. This partnership reinforces our commitment to regional collaboration and innovation.”
Echoing the sentiment, Jahez CEO Eng. Ghassab Al-Mandeel stated, “Snoonu’s stellar growth will be elevated by Jahez’s infrastructure and reach, while we benefit from Snoonu’s product innovation and market leadership. Together, we aim to offer unparalleled service to merchants, users, and delivery partners across the region.”
