Key Takeaways
- Sector: Consumer, Technology, Software & Gaming.
- Geography: Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain, Oman, Jordan, Egypt, Iraq.
Analysis
A significant shake-up is potentially underway in the Middle East's food delivery sector, as Saudi Arabian quick-commerce leader Ninja reportedly explores a bid for key assets of Delivery Hero. This move introduces a formidable new competitor to Uber's ongoing efforts to acquire the German delivery giant, particularly targeting its lucrative operations across the Gulf region.
The strategic interest from Ninja, a Riyadh-based unicorn valued at approximately $1.5 billion following its $254 million funding round in 2025 led by Riyad Capital, centers on acquiring Delivery Hero's Saudi Arabian brand, HungerStation. Intriguingly, Ninja was founded by Ebrahim Al-Jassim, the very entrepreneur who originally built and later sold HungerStation to Delivery Hero. This potential acquisition could represent a full circle for Al-Jassim's entrepreneurial journey.
Uber has been actively pursuing Delivery Hero, having previously submitted a takeover proposal estimated at around €10 billion (approximately $11.6 billion). While the initial offer was rebuffed, Uber has since increased its stake to roughly 37%, becoming the largest shareholder. The appeal for Uber lies in Delivery Hero's strong regional brands, including Talabat, which boasts a significant presence in the UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, Egypt, and Iraq, alongside HungerStation in Saudi Arabia.
The Middle East delivery market is experiencing robust growth, fueled by high smartphone penetration, dense urban centers, and strong consumer spending. Talabat, for instance, has demonstrated impressive gains in gross merchandise volume and revenue, positioning it as a key growth engine for Delivery Hero. Ninja itself has rapidly expanded since its 2022 founding, focusing on ultra-fast delivery of groceries, pharmaceuticals, and prepared meals across Saudi Arabia and into Bahrain, Qatar, and Kuwait.
Beyond Ninja, Uber faces other potential hurdles. Prosus, a significant technology investor and former major shareholder in Delivery Hero, has secured regulatory clearance and is reportedly evaluating options to increase its influence or oppose a deal under unfavorable terms. Additionally, DoorDash has also been reported to have examined Delivery Hero's Middle Eastern operations, underscoring the region's strategic importance.
The emergence of Ninja as a serious contender, especially with its founder's history with HungerStation, adds a layer of complexity to Uber's acquisition strategy. If Ninja proceeds with a formal offer, it could force Uber to reconsider its approach, potentially leading to a bidding war or necessitating improved terms. This situation reflects a broader trend of consolidation within the global food delivery and quick commerce sectors, driven by the pursuit of scale, market dominance, and access to high-growth geographies like Saudi Arabia, which is actively fostering its domestic tech champions.