EFG Hermes, an EFG Holding company and the leading investment bank in the Middle East and North Africa (MENA) region, announced today that it acted as the buy-side advisor to Jahez International Company for Information Systems Technology (Jahez), on its majority stake acquisition of Snoonu Holding Company (Snoonu), Qatar’s leading technology and on-demand delivery platform. This milestone transaction accelerates Jahez’s evolution into a GCC technology powerhouse and marks Jahez’s entry into the Qatari market. The transaction saw Jahez acquire 76.56% for USD 245 million. Following the completion of the transaction, Eng. Hamad Mubarak Al Hajri, the founder and CEO of Snoonu, will own the remaining 23.44%.
Saud Altassan, CEO of EFG Hermes KSA, stated, “This transaction represents a pivotal milestone in the evolution of the region’s technology and e-commerce landscape, bringing together two leading homegrown innovators with a shared vision for growth and digital transformation. We are proud to have both originated and advised on this landmark deal — a testament to EFG Hermes’ ability to identify strategic opportunities early, connect visionary market leaders, and execute complex cross-border transactions that create lasting value.”.
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, added, “This partnership marks an exciting new chapter for Jahez and Snoonu as they embark on their journey to expand regionally. Jahez’s robust scale will undoubtedly propel Snoonu’s growth, while Snoonu will enrich Jahez with its innovative product development and talent. EFG Hermes has been an essential partner in driving Jahez ‘s rapid progress through its impressive expertise in cross-border logistics, e-commerce, and on-demand delivery. Together, this collaboration fosters innovation, enhances service offerings, and boosts profitability. It highlights EFG Hermes’ unparalleled ability to support Saudi corporates navigating complex cross-border transactions. This is the second outbound investment from Saudi Arabia this year, following Vision Invest’s landmark investment in Arise Integrated Industrial Platforms, reinforcing the Kingdom’s presence in the global investment landscape”.
Since the beginning of the year, EFG Hermes has advised on 7 M&A transactions, 11 DCM transactions, and 10 ECM transactions across the region, including landmark transactions in Saudi Arabia, the UAE, Oman, and Egypt, underscoring its leadership in regional markets.