Travis Kalanick’s CloudKitchens is stepping up preparations for a possible IPO of its Middle East unit. The company has added several banks to its advisory team, as it considers listing in Riyadh and Abu Dhabi. The move reflects growing ambitions for CloudKitchens in the Gulf region, its appetite for expansion, and the increasing importance of dual listings in Saudi Arabia and the UAE.
CloudKitchens has already enlisted Goldman Sachs as an adviser for the IPO process. Recently it brought in JPMorgan, SNB Capital, and First Abu Dhabi Bank to join the deal’s bank syndicate. These additions are seen as a way to strengthen the financial muscle behind the IPO plan and navigate regulatory, valuation, and local market challenges in the Middle East. Observers expect the offering could happen sooner rather than later, depending on market conditions and final internal decisions.
The Middle East unit operates under the KitchenPark brand. Its footprint includes operations in Saudi Arabia, the United Arab Emirates, and Kuwait. Saudi Arabia’s Public Investment Fund (PIF) is a major backer, having invested about $400 million in CloudKitchens back in 2019. That investment helps anchor the company’s position in the Gulf. The regional incorporation is based in Abu Dhabi, which helps with ties to both UAE and Saudi regulatory regimes and investor expectations.
A dual listing on both the Riyadh and Abu Dhabi stock exchanges—is under consideration. Listing in two jurisdictions could enable broader access to capital and give CloudKitchens exposure to Gulf investors keen on tech and food-logistics plays. It would also reflect confidence in the path of cloud and ghost kitchens in the region, a sector that boomed during the pandemic when delivery only models surged in importance.
Details such as the timing, valuation, share class structures, and exact size of the IPO remain under discussion. As of now nothing has been finalized. The banks added are tasked with working out the final IPO strategy, advising CloudKitchens through the underwriting, due diligence, pricing, and market positioning.
This IPO plan is significant for several reasons. First, it signals growing maturity among cloud kitchen operators in the Gulf. CloudKitchens is staking a claim in a space with rising competition from regional incumbents. Secondly, the involvement of major international banks suggests the IPO could attract global capital, not just regional funds. Thirdly, it reflects the broader trend of Gulf financial markets seeking more high-profile tech listings and growing openness to startup and scale-up ventures as public companies.
From a strategic standpoint, CloudKitchens is aiming to capitalize on growing demand for delivery and food-tech services in the Middle East. Urbanization, rising incomes, changing consumer habits, and increasing appetite for convenience all play into its business model. An IPO would also help the company raise capital to grow its kitchen real estate, improve logistics, deepen local operations, and perhaps expand into neighboring markets.
In sum, adding JPMorgan, SNB Capital, and First Abu Dhabi Bank to its advisory lineup is a key step for CloudKitchens as it positions its Middle East unit for IPO. With backing from PIF and strong regional operations, it looks ready to tap into Gulf capital markets. If all goes well, the listing in Riyadh and Abu Dhabi could mark a milestone for cloud kitchens in the region.
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