Nana plans to offer shares in Saudi market within 2 years, says CEO

07/02/2023 ِArgaam

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Sami Al-Helwah, founder and CEO of Nana Direct, an online grocery shopping and home delivery service in Saudi Arabia, said the company plans to offer its shares in the Saudi market within two years.

 

Nana raised SAR 500 million ($133 million) in funding from several investors, including Kingdom Holding Co. and Sultan Holding, Al-Helwah told Esharq TV.

 

This funding round heavily supports Nana expansion plans across Saudi Arabia and the neighboring countries. Nana currently operates in 18 cities in the Kingdom, in addition to Cairo.

 

The Saudi grocery market is valued at over SAR 200 billion, the CEO added, expecting online sales to has the lion’s share in this sector going forward, as digital transformation remains weak in this industry. Online grocery in developed countries exceeds 30% of the entire market, compared to less than 5% in Saudi Arabia.

 

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