CloudKitchens, the delivery-only kitchen operator founded by Travis Kalanick, is preparing for a dual listing of its Middle East business that could value the company at around $2.5 billion, according to people familiar with the matter who spoke to TechScoop.
The company, which is backed by Saudi Arabia’s Public Investment Fund (PIF), is working with international and regional banks on plans to list simultaneously in Saudi Arabia and the United Arab Emirates, the people said. The proposed dual listing would mark one of the first cross-market IPOs for a global tech company operating in the region’s food-technology sector.
Bloomberg previously reported that CloudKitchens was exploring an IPO of its Middle East unit and had appointed Goldman Sachs Group Inc. among its advisers. (Bloomberg report).
Kalanick, who co-founded Uber Technologies Inc. and launched CloudKitchens in 2016, was recently granted Saudi citizenship by royal decree, according to Arab News. His closer ties to the Kingdom come as CloudKitchens expands under its “KitchenPark” brand in Riyadh, Dubai, and Kuwait City, serving regional and international food operators through shared delivery-only facilities.
The planned $2.5 billion offering is expected to cover CloudKitchens’ Gulf operations, with proceeds directed toward expanding its real-estate network and delivery logistics infrastructure across Saudi Arabia and the UAE. The company has not issued an official statement on the valuation or timeline, and discussions with regulators are ongoing.
CloudKitchens’ business model enables restaurants to run delivery-only kitchens within leased commercial spaces, offering reduced overhead costs and faster access to online customers. Its expansion in the Gulf aligns with national efforts under Vision 2030 to attract foreign investment and accelerate the digital transformation of the food-services sector.
CloudKitchens has not commented publicly on the proposed dual listing.
Travis Kalanick’s CloudKitchens targets $2.5 B Dual IPO Backed by PIF