Travis Kalanick’s CloudKitchens eyes IPO for Middle East unit

🍽️ Travis Kalanick’s CloudKitchens is reportedly exploring an IPO for its Middle East unit, with Goldman Sachs hired to assess a potential listing in the UAE or Saudi Arabia.

Backed by Saudi Arabia’s PIF since a $400M investment in 2019, the ghost kitchen company operates under the KitchenPark brand in the UAE, Saudi, and Kuwait.

The move puts it on a potential collision course with Dubai-based Kitopi, the regional category leader that became a unicorn in 2021 and has since expanded into physical dining spaces.

No final decision has been made on timing or valuation, but the IPO could signal rising competition – and consolidation – in the Gulf’s cloud kitchen space.