Jahez Acquires Majority Stake in Qatar’s Snoonu for $245M in Expansion Push

Malaz Madani

Last updated 9-07-2025

2 min

Jahez plans to acquire a 76,56% stake in Qatar's tech startup Snoonu for $245 million.

The transaction involves buying existing shares and subscribing to new shares, totalling $214 million in cash.

Post-acquisition, Snoonu's valuation will hit around $320 million, a significant milestone in Qatar.

Jahez will fund the acquisition through liquidity, banking facilities, and its treasury shares.

This move underscores growing cross-border tech interest and regional entrepreneurial spirit in the Gulf.

Saudi Arabia's Jahez has announced plans to acquire a whopping 76.56% majority stake in Qatar-based tech startup Snoonu, in a deal worth around $245 million. The ambitious move illustrates Jahez's determination to boost its regional presence and create a stronger foothold beyond Saudi borders.

As revealed in an official filing with the Saudi Stock Exchange (Tadawul), Jahez International Company for Information Systems is set to purchase over 8.1 million existing shares—this alone accounts for 75% of Snoonu's current share capital. Jahez will also subscribe to approximately 724,000 new shares, representing a further 1.56% of the enlarged capital. Snoonu founder Hamad Al-Hajri will retain the remaining shares, thus staying involved with the startup he helped build.

Of the grand total, an impressive $214 million will be paid in cash for existing stocks, while $20 million will go towards the subscription to new shares. Additionally, about 1.5 million Jahez shares (equivalent to roughly 0.7% of Jahez's own equity) are set to be transferred to Al-Hajri. Sounds a bit of a faff, but these kinds of mixed cash-and-share packages are becoming pretty comman these days.

Post-transaction, Snoonu's valuation is estimated around 1.165 billion Qatari riyals—that’s approximately $320 million. That makes it Qatar’s first startup crossing the much-coveted billion-riyal valuation mark—I reckon that's plenty of reason to be chuffed to bits.

Jahez revealed it will bankroll this deal from its existing liquidity, alongside banking facilities and its own treasury shares. Now, while acquisitions can look brilliant on paper, the real challenge is making them click culturally and operationally, something we at Arageek have seen happen wonderfully or go rather pear-shaped around the MENA region.

That said, this move reflects wider interest across the Gulf in cross-border tech acquisitions and partnerships, highlighting the vibrant entrepreneurial spirit that continues to grow in the region. On the flip side, it remains to be seen how quickly Jahez can integrate Snoonu into its ecosystem—time will surely tell.

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