Consolidating its position as an undisputed industry giant over the past two years following its unprecedented IPO, Jahez in 2023 focused on transforming itself into a singular yet simultaneously multifaceted "lifestyle" brand. This shift in Jahez’s growth philosophy as a listed company rooted in disruptive startup culture heralds a highly anticipated evolution: from a high-tech delivery business to an enterprise much wider in scope and grander in vision.

While for much of the reporting period, the Company remained a local and regional leader in cloud-based Q-commerce with food delivery as its core identity, Jahez concludes the year recording considerable progress in becoming a more all-encompassing lifestyle solutions provider whose technological capabilities and entrepreneurial sophistications continue to be unmatched. This transition, already underway, sees Jahez serve its continuously-expanding user base a rapidly growing number of products and services that cover myriad aspects of 21st-century digital living, from dining and fashion to sports and entertainment, all available via a number of distinct smartphone applications built into a single, state-of-the-art online ecosystem.

Boosted by several new acquisitions and corporate venture capital investments that have served to enhance its value proposition, the Group enters the year 2024 on a stronger financial footing and poised to take over as a top player in every market it operates in across all existing verticals including Q-commerce, logistics, cloud kitchens and more.

A Look Back

Launched in 2016 as an online food delivery startup with much scope and ambition, Jahez began its operations headquartered in Riyadh looking to disrupt the Kingdom’s on-demand service landscape in ways that were until then deemed impossible. The founders, who were and continue to be great believers in Saudi ingenuity, drew from the Kingdom’s increasingly impressive wealth of scientific and technological knowhow and talent to set the stage for a pioneering online business venture that would turbocharge the MENA region’s internet entrepreneurship potential.

Early investments in ICT resources and capabilities in a rapidly changing technological environment helped Jahez venture out with confidence that its vision to be the region’s most loved lifestyle platform would be realized in a matter of years. These investments included in-house expertise in smartphone application development, on-demand services, last-mile delivery, cloud servers and other factors that would bring to consumers an unparalleled digital shopping experience par excellence.

As COVID-19 hit and people all over the world were confined to their homes for weeks on end, the restaurant industry was forced to rethink its strategy lest it succumb to pandemic-induced decline. Jahez was quick to step in. As consumers everywhere became more and more dependent on online food and grocery delivery services, the Company saw and seized the opportunity to benefit from the rapid growth of the Kingdom’s food aggregate market to an estimated SAR 6.8 billion in 2020.

With a steady stream of headline-grabbing acquisitions and expansions made during the intervening period between inception and the historic USD 2.4 billion. IPO, Jahez had cemented itself as a major player in the sector, already recognized as the Kingdom’s fastest growing platform by market share and the first homegrown unicorn to go public.

By the end of 2023, Jahez’s market share for food delivery in the Kingdom was ranging between 30% - 35%, and, as the Group moves into 2024, plans are underway to expand its footprint and penetrate more markets in addition to increasing its product offering to go beyond last-mile delivery.

As a new year approaches, Jahez retains its position as a market leader and is well-positioned to revitalize the industry and the economy through its own coming transformation, in line with the Kingdom’s ambitious Vision 2030 strategy.

Journey at a glance