Public company data in the Middle East is surprisingly hard to work with. For a lot of my writing on Termsheet, I do it regularly, and the process is painful. Data scattered across exchange websites (and some other portals), PDFs that won’t open, financials in different formats. You sometimes end up with 10 browser tabs open just to understand basic stuff about one company. To solve this, I am building this little thing called @Premargin with @ritwickdsouza. It lists all the public companies across Saudi Arabia, UAE, Qatar, Kuwait, with their financials (a bit light at the moment but more coming soon), disclosures, and fundamentals. There’s also a screener that allows you to filter companies by stock performance, valuation, ratios, and a few other things. Nothing fancy at the moment. Just the data you need, organized like it should have been from the start. Still early, still building. But it works. I am using it myself. Play with it here premargin.com. And please do share your feedback.

Waah bhui. The audacity.

Jahez: Saudi decelerating. Non-KSA growing exponentially (thanks to Snoonu). At this pace, non-KSA should become the larger revenue contributor next quarter.

When Jahez acquired Snoonu last years, the deal valued the Qatari startup at more than one-fifth of Jahez's own market cap at the time. It looked expensive to many. Food delivery acqusitions in the region have a long history of looking expensive initially. Talabat. HungerStation. Carriage. InstaShop. Zomato UAE. Yemeksepeti. Most looked expensive in the moment. Many aged very well. Jahez acquired 76.5 percent of Snoonu in July 2025 for $245 million. Its market cap at the time was about $1.5 billion. That means 16 percent of its market cap of or about 21 percent on an implied valuation basis, for Snoonu. And this was not a small company. Snoonu was doing $140 million in annual net revenue and growing significantly faster than Jahez - which was making a little over $590 million in net revenue at the time. Snoonu would have represented roughly 19 percent of the combined entity’s revenue base. On 2024 numbers, Jahez paid around 2.3x Snoonu’s revenue while Jahez itself traded at around 2.5x revenue. (On earnings, the multiple looked more expensive). The more important thing however was timing. Jahez announced the acquisition almost three quarters after Keeta entered Saudi Arabia. By then, the company had likely seen enough to realize that growth in Saudi was going to become increasingly difficult as long as Keeta continued funding all sides of the marketplace with subsidies. And that should have played a major role in the decision to acquire Snoonu. The latest earnings now show how important Snoonu has become inside the Jahez universe. The company noted in its Q1 2026 earnings: “Group net revenue grew 37.9% YoY to [$193.2 million], driven primarily by the consolidation of Snoonu, which led to a 5.6x revenue growth in Jahez’s non-KSA segment, more than offsetting a 12.0% decline in the KSA segment.” Based on Termsheet estimates, Snoonu’s contribution to Jahez’s Q1 2026 revenue was likely between $60 million and $70 million. That would mean Snoonu potentially contributed up to 36 percent of Jahez’s total quarterly net revenue. In other words, without Snoonu, Jahez’s group revenue in Q1 2026 would likely have declined by over 5 percent. Jahez stock has been crushed. Since the acquisition, market cap is down over 55% to $682m. Keeta’s aggressive Saudi expansion weighs on sentiment. Without Snoonu outlook would be worse as core growth slows and margins compress. Mgmt said market share rose in Q1 2026 vs Q4 2025, but no figures. Market remains unconvinced. Jahez’s stock fell more than 7 percent on the day it announced earnings and is down more than 12 percent since then. Investors appear far more focused on the pressure Keeta continues to create in Saudi. Which is also what makes Snoonu increasingly important for Jahez. The acquisition was initially framed as international expansion. Increasingly, it is also starting to look like a partial buffer against the pressure building in its core market. More on Termsheet.

If anything, Arbor investing early and following on is a stronger signal than A16Z here. IYKYK.

Ninja is reportedly working with banks to potentially IPO in Saudi over the next few months. But. There’s a lot that stands in their way. There are four Saudi internet/tech companies that have gone public so far. Jahez. Rasan. Tasheel Finance. Nice One. Jahez and Nice One are trading well below their IPO price; down about 70 percent and 60 percent respectively. Tasheel Finance is also trading slightly below its IPO price. Rasan is the only exception, up more than 300 percent since listing. But it’s a company with software-like growth and margins, so it cannot really be used as a reference for something like Ninja. If we expand the pool beyond Saudi, Talabat is also down over 40 percent since listing in the UAE. And that is before we even get to what’s happening to the category itself. Since Keeta’s expansion into the Kingdom, competition in food and grocery delivery has intensified significantly. Rising CAC. Compressing margins. Companies going out of business. Shgardi. Careem (Food). Nana. Jahez reported net losses in its latest two quarters after 19 straight profitable quarters. Quick commerce was already a category public investors looked at cautiously because of structurally weak margins and the number of global failures it has produced. (Now Saudi has Nana too). And Keeta will likely put even more pressure on margins, at least for the time being. Private investors may still be comfortable paying 1.5x GMV. But public investors, given how tech (except Rasan) has performed and what’s happening in the category more broadly, may not be so generous. Despite all of this, I am still bullish on the category and on Ninja as a company. But I don’t think this is the right time to go public. More on Termsheet. Soon.

The three $10 billion+ Saudi companies growing revenue at over 20% year-over-year. You can use the screener on Premargin to track and screen public companies across the region using different metrics, including YoY growth. The experience is a bit clunky for now, but it works. At the moment, the easiest way to save screens is by bookmarking the links. Native support for saved screens, additional financial metrics including CAGR, historical growth, and more, is coming over the next few weeks. If you'd like to track companies though, the first version of watchlists is already live.

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