Delivery battle in the Middle East: 'Ninja' enters the scene and competes with Uber over HungerStation and Talabat Saudi company 'Ninja', the fastest unicorn in the kingdom's history, is studying the acquisition of Delivery Hero's assets in the Middle East, while simultaneously preparing for an initial public offering on the Riyadh Stock Exchange. One of Ninja's drivers (Ninja company) Saudi quick commerce company 'Ninja' is considering making an offer to acquire some of Delivery Hero's assets in the Middle East, adding a third party to a takeover battle that is escalating in complexity and already includes Uber and DoorDash, according to the Financial Times. The newspaper revealed that Ninja will focus, in the first phase, on acquiring HungerStation in Saudi Arabia, as it is the easiest asset to integrate and faces the fewest regulatory hurdles, with the possibility of seeking a partnership with another party to obtain a stake in Talabat, listed in Dubai. The Financial Times indicated that a formal offer to Delivery Hero's board of directors could arrive at any time, while cautioning that the talks are still in their early stages and Ninja may back out. HungerStation and Talabat: The crown everyone wants Delivery Hero's Middle Eastern assets form the true core of this race; some investors estimate the value of Delivery Hero's stake in Talabat alone at up to 9 billion euros (around $9.7 billion), out of a total company value of about 12 billion euros (around $13 billion). It is worth noting that Delivery Hero fully acquired HungerStation in 2023, by purchasing the remaining 37% stake for $297 million, equivalent to 1.1 billion riyals. In late May 2026, Delivery Hero received a non-binding offer from Uber to acquire it at a price of 33 euros per share (around $35.6), giving it a total value exceeding $10.8 billion. However, major shareholders rejected the offer, demanding a price exceeding 40 euros per share (around $43.2). Uber holds a direct stake of about 19.5% in Delivery Hero, along with additional financial instruments. The landscape becomes even more complicated as Dutch group Prosus, the second largest shareholder in Delivery Hero with a 16.83% stake, is considering raising its stake to hinder an Uber deal or strengthen its negotiating position. The European Commission has granted it until October 11, 2026, to decide on its stake. Al-Jassem's return: The seller becomes the acquirer The story involves a notable twist: Ibrahim Al-Jassem, the founder of HungerStation who sold his company to Delivery Hero, returns today via Ninja seeking to reclaim what he sold, in a saga that may redraw the delivery map in the region. Al-Jassem founded Ninja in 2022 in Riyadh, as a quick commerce platform for delivering groceries, medicines, and other products, before expanding within four years to include Bahrain, Kuwait, and Qatar. Ninja's revenues reached $1 billion in 2025, targeting $1.6 billion in 2026, according to insiders who requested anonymity. Funding round and IPO path In 2025, Ninja closed a funding round of $250 million, led by Riyad Capital Asset Management, at a valuation of $1.5 billion, making it the fastest Saudi startup to reach unicorn status. According to Bloomberg, Ninja officials held meetings with investors over the past weeks, including during a banking conference in London in early June. The company has also reached the final stages of selecting investment banks to manage its initial public offering on the Riyadh Stock Exchange. Supported by its rapid sales growth, Ninja may seek a valuation much higher than $1.5 billion at the IPO, while retaining the option to resort to private financing if the listing is delayed. Company representatives declined to comment. IPO amid market volatility The success of Ninja's IPO could renew momentum for listings on the Saudi stock exchange 'Tadawul', after a slowdown in the years-long wave of initial offerings. Since the outbreak of war with Iran, the Saudi market has held up relatively better than its UAE counterpart, supported by rising oil prices and energy company stocks, led by Aramco. It is worth noting that Saleh Abdulaziz Al-Rashed & Sons Mining Company, the only IPO in the kingdom since the start of the year, has defied this volatility, with its shares rising about 8% since its listing in March. Five key facts * Ninja is focusing first on acquiring HungerStation, as it is easier to integrate and faces fewer regulatory hurdles; its offer could reach Delivery Hero's board at any time. * Uber made an offer at 33 euros per share, amid demands to exceed 40 euros, and holds a direct stake of 19.5% in Delivery Hero. * Prosus, holding a 16.83% stake, is considering raising its stake to hinder an Uber deal or strengthen its negotiating position, and has received a European deadline until October 11. * Ninja is the fastest Saudi unicorn, founded in 2022 and reaching a valuation of $1.5 billion within 3 years. * Ninja's anticipated IPO in Riyadh aims to raise about $1 billion by end of 2026 or early 2027.

Uber's Delivery Hero takeover faces new threat as Saudi unicorn Ninja eyes HungerStation. Just when Uber appeared to be gaining momentum in its pursuit of Delivery Hero, a Saudi startup founded by the man who created HungerStation has entered the picture. Riyadh-based quick-commerce unicorn Ninja is reportedly considering a bid for parts of Delivery Hero's Middle East business, a move that could complicate Uber's effort to acquire the German delivery giant. The development, first reported by the Financial Times, adds a new player to an increasingly crowded contest over some of the most valuable delivery assets in the Gulf region. "Ninja is considering a bid for some of Delivery Hero's Middle East assets, adding to a list of suitors that could complicate Uber's plan to buy the German food delivery company. Riyadh-based Ninja's options include buying HungerStation and partnering with another group to acquire parts of Talabat," The Financial Times reported. The story carries a twist. Ninja was founded by Ebrahim Al-Jassim, the entrepreneur who originally built HungerStation and later sold it to Delivery Hero. Now, with a new billion-dollar company under his control, Al-Jassim may be seeking to reclaim the business that helped launch his career. Uber's pursuit of Delivery Hero. Uber has spent the past several weeks pushing to gain control of Delivery Hero. The ride-hailing and delivery giant first approached the Berlin-based company in May with a takeover proposal valued at roughly €10 billion, or about $11.6 billion. Delivery Hero rejected the offer, but Uber did not walk away. Instead, it began buying shares on the open market, raising its stake to roughly 37% and becoming the company's largest shareholder. The attraction extends far beyond Europe. Delivery Hero controls some of the strongest delivery brands across the Middle East. Those assets include Talabat, which operates in the UAE, Kuwait, Qatar, Bahrain, Oman, Jordan, Egypt, and Iraq, as well as Saudi Arabia's HungerStation. Those businesses have benefited from growing demand for online food delivery, grocery services, and mobile commerce across the Gulf. Talabat has reported strong growth in both gross merchandise volume and revenue in recent quarters, making the region one of Delivery Hero's most attractive growth engines. The founder wants HungerStation back. Ninja has emerged as one of Saudi Arabia's fastest-growing technology companies. Founded in 2022, the company built its business around ultra-fast delivery of groceries, pharmacy products, household essentials, beauty products, and prepared food. It operates a network of dark stores across Saudi Arabia and has expanded into Bahrain, Qatar, and Kuwait. The startup reached unicorn status in 2025 after raising $254 million in a funding round led by Riyad Capital. The financing valued Ninja at approximately $1.5 billion and positioned the company for broader expansion across the Middle East and North Africa. The company has previously indicated plans for an eventual listing on Saudi Arabia's Tadawul stock exchange. According to reports, Ninja's immediate interest centers on HungerStation. Market observers expect the company could submit a formal proposal to Delivery Hero's board as early as this week. If that happens, the deal would bring the HungerStation story full circle. Al-Jassim built the company, sold it to Delivery Hero, left the business, and later launched Ninja, which grew into one of HungerStation's strongest local competitors. More rivals enter the picture. Ninja is not the only group standing in Uber's way. Prosus, the Amsterdam-listed technology investor and former major shareholder in Delivery Hero, secured a temporary waiver from European regulators earlier this month, removing pressure to reduce its stake. Reports suggest Prosus is exploring ways to increase its influence, organize shareholder support, or oppose an Uber transaction unless better terms emerge. DoorDash has reportedly examined Delivery Hero's Middle East operations as well, highlighting the strategic value attached to the region. Global delivery companies are increasingly drawn to Gulf markets, where high smartphone adoption, dense urban populations, strong consumer spending, and favorable delivery economics continue to support growth. What happens next? Delivery Hero has not publicly commented on Ninja's reported interest. For Uber, the emergence of competing bids creates a new challenge. The company has signaled that its interest lies in acquiring Delivery Hero as a whole. A separate bid for HungerStation or other regional assets could complicate that objective and force Uber to rethink its approach or offer more attractive terms. The broader backdrop is a wave of consolidation across food delivery and quick commerce. Profit margins remain under pressure, and companies are looking for scale, stronger market positions, and access to faster-growing regions. Saudi Arabia has become one of the most closely watched technology markets in that race. Ninja's rise from startup to unicorn reflects the Kingdom's push to build local technology champions capable of competing with global platforms. Whether Ninja ultimately submits a formal offer, triggers a bidding contest, or simply delays Uber's plans remains uncertain. One thing is becoming clear: Uber's path to owning Delivery Hero is no longer a straightforward takeover story. A Saudi founder who once built HungerStation may now have a chance to bring it home.