SAUDI DELIVERY APP NINJA EYES $1B IPO

Ninja, a prominent player in the Middle Eastern delivery sector, has selected financial institutions to manage the potential IPO, according to sources close to the matter. The $1 billion offering would represent a significant milestone for the Saudi startup ecosystem. The move comes despite uncertainty surrounding Iran-related conflicts in the region, which have raised questions about broader market stability. Saudi Arabia has intensified efforts to develop its homegrown tech sector as part of its Vision 2030 economic diversification strategy. The delivery app operates across multiple markets and competes in a crowded regional landscape dominated by players like Zomato and local competitors. A successful listing would provide capital for expansion and technology development. No timeline for the IPO has been announced. The banks handling the offering will guide Ninja through regulatory approval processes required for a Riyadh listing.