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Uber’s Delivery Hero push runs into fast-growing Saudi competition, market chatter says
The Apex Times

THE APEX TIMES

Business/The Apex Times/Jun 8, 12:41 PM EDT

Uber’s Delivery Hero push runs into fast-growing Saudi competition, market chatter says

A reported attempt by Uber to expand its food-delivery footprint through a potential takeover of Delivery Hero is drawing attention to competitive pressure in Saudi Arabia, where a fast-scaling app is squeezing local incumbents.

By The Apex Times Newsroom3 min readAI-assisted Apex article

Uber Technologies is pressing forward with plans that could significantly reshape global food delivery, but market chatter Wednesday flagged a potential operational hurdle: competition in Saudi Arabia. The renewed focus comes as Uber builds influence in Delivery Hero, the Germany-based delivery group that owns HungerStation in Saudi and Talabat across much of the Middle East and North Africa.

In May, Uber disclosed in its filings that it had already started investing behind Delivery Hero. In its 2024 annual report, Uber said that in May 2024 it paid $300 million for about 8.4 million newly issued Delivery Hero ordinary shares, and that the Delivery Hero investment was tied to a definitive agreement Uber had entered to acquire Foodpanda Taiwan. Delivery Hero, in turn, has remained a central platform in Uber’s broader effort to scale delivery outside the United States.

On the takeover front, Reuters reported that Delivery Hero confirmed it received a takeover offer from Uber valuing the company at 33 euros per share. Delivery Hero said it remains focused on executing its strategic review process and did not provide additional details on the terms. Other coverage described the offer as part of Uber’s effort to better compete internationally, including against DoorDash beyond the U.S.

Uber’s involvement is not limited to deal talk. In a report on May 19, heise online said Uber increased its stake in Delivery Hero to 19.5%, and also holds options for an additional 5.6%. The same report said Delivery Hero’s disclosures indicated Uber is pursuing “financial and strategic goals” with the purchase but does not intend to exceed the 30% control threshold tied to voting rights.

The market chatter’s new angle centers on how hard it is to protect delivery share in Saudi Arabia. Rest of World reported that Keeta, Meituan’s global brand, entered Saudi Arabia and quickly scaled with ultralow pricing and waived delivery fees. According to Rest of World, Keeta became the third-largest food-delivery platform in Saudi within four months and captured 10% of the market’s order volume, squeezing smaller players and challenging Delivery Hero’s local platforms, including HungerStation and Jahez.

That pressure matters to the takeover calculus because Saudi is one of Delivery Hero’s more prominent regional positions. Delivery Hero has previously described HungerStation as its leading food delivery player in Saudi, connecting more than 10,000 partners with customers, and it moved to consolidate ownership of the HungerStation business. In July 2023, Delivery Hero said it purchased the remaining minority 37% stake in HungerStation for $297 million, calling it a strategic asset for its Saudi business.

Still, it is unclear how much the Saudi competitive environment will affect Uber’s willingness or ability to pay for Delivery Hero, at least based on what the public reporting currently includes. The Yahoo Finance item that prompted the chatter could not be independently reviewed in full here, and Delivery Hero and Uber have not laid out any Saudi-specific conditions or remedies around the potential deal.

What to watch next is whether Uber and Delivery Hero provide more details as the strategic review process continues, and whether competing bids emerge. Investors will also monitor Saudi market indicates, especially promotions and pricing intensity from fast-scaling rivals such as Keeta, because sustained subsidy wars can pressure unit economics even for large, established operators. A clear view of the competitive trajectory could help determine how attractive Delivery Hero’s regional assets look in a full acquisition scenario.

Why It Matters

  • If Uber takes full control of Delivery Hero, it would inherit not only scale, but also a Saudi competitive landscape where rivals have proven they can win share quickly through aggressive pricing.
  • Deal economics could hinge on whether local markets stabilize post-acquisition, since subsidy-driven growth can compress margins even when customer demand remains strong.
  • Saudi developments may influence how bidders value Delivery Hero’s regional assets, particularly HungerStation’s ability to defend share against fast-growing apps.
  • The strategic review and any follow-on bids could become more sensitive to operational execution, including technology integration and cost control in high-competition markets.

Sources

Key Facts

  • Uber paid $300 million in May 2024 for about 8.4 million newly issued Delivery Hero ordinary shares, according to Uber’s 2024 annual report.
  • Uber increased its stake in Delivery Hero to 19.5% and also holds options for an additional 5.6%, while indicating it does not intend to exceed a 30% voting-rights control threshold, heise online reported May 19, 2026.
  • Reuters reported Delivery Hero confirmed it received an indicative takeover offer from Uber valuing the company at 33 euros per share.
  • Delivery Hero said it remains focused on executing its strategic review process and did not disclose more details on the offer, Reuters reported.
  • Keeta, Meituan’s global brand, entered Saudi Arabia and, according to Rest of World, reached 10% order-volume share within months, pressuring HungerStation and Jahez.
  • Delivery Hero said in July 2023 it bought the remaining 37% stake in Saudi-based HungerStation for $297 million and described HungerStation as a leading local delivery player.

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Uber’s Delivery Hero push runs into fast-growing Saudi competition, market chatter says | The Apex Times