News•May 20, 2026
Jahez Needed Snoonu
Jahez completed a 76.5% acquisition of delivery platform Snoonu for $245 million in July 2025, roughly 16% of Jahez’s market cap at the time. Snoonu, generating about $140 million in annual net revenue, now contributes up to 36% of Jahez’s quarterly revenue, fueling a 5.6× rise in the non‑KSA segment and offsetting a 12% decline in its core Saudi market. Despite the strategic move, Jahez’s market value has fallen more than 55% to $682 million as rival Keeta’s aggressive pricing pressures domestic growth. The acquisition thus provides both regional growth and a buffer against intensifying competition at home.
