Saudi Delivery App Jahez to Buy Major Stake in Qatar’s Snoonu

Saudi Arabian delivery platform Jahez has agreed to acquire a majority stake in Qatari e-commerce platform Snoonu, in a positive signal for venture capital investors looking for more sign of exits in the Middle East.

Jahez is set to purchase about 75% of the share capital of Snoonu for $225 million, according to a statement on Wednesday. It will also subscribe to 1.56% of new shares for an additional cash consideration of $20 million.