CloudKitchens, the US-based foodtech company backed by Saudi Arabia’s Public Investment Fund, has reportedly put plans to list its Middle Eastern business on hold and is now exploring a private placement instead.
According to Bloomberg, citing people familiar with the matter, the company has paused preparations for an initial public offering in the region, though the option to go public has not been ruled out and could be revisited at a later stage.
CloudKitchens provides commercial kitchen infrastructure for so-called ghost kitchens, restaurants that operate exclusively through delivery and pick-up. Beyond physical kitchen space, the company also offers maintenance, logistics support, and software tools to manage online orders and operations.
In the Middle East, CloudKitchens operates under the KitchenPark brand, with a presence across the UAE, Bahrain, Saudi Arabia, and Kuwait, according to its website.
As recently as September, the company had been planning a dual listing in Abu Dhabi and Saudi Arabia, potentially as early as 2026. At the time, it was targeting a valuation of around $2 billion, the sources said.
The shift toward a private placement comes amid a more cautious approach to regional listings, as companies reassess market conditions and investor appetite.
CloudKitchens was founded by former Uber CEO Travis Kalanick. In 2019, Saudi Arabia’s Public Investment Fund invested $400 million in the company, making it one of the sovereign wealth fund’s higher-profile bets in global foodtech and logistics infrastructure.
While public market plans are now on ice, Bloomberg reports that CloudKitchens continues to evaluate strategic options for its Middle East operations as it scales across the region.
