CloudKitchens explores IPO in UAE or Saudi Arabia: Sources

Logo of CloudKitchens

Bloomberg, citing sources, revealed that CloudKitchens, a startup run by former Uber Technologies Inc. Chief Executive Officer Travis Kalanick, is considering a share sale on an exchange in the United Arab Emirates or Saudi Arabia.

The ghost kitchen firm has hired Goldman Sachs Group Inc. to work on the deal.

The company is considering a share sale on an exchange in the United Arab Emirates or Saudi Arabia — or potentially a dual listing, the people said.

No final decisions have been made on the timing or size of the offer, and more banks are likely to be added to the lineup.

CloudKitchens raised $400 million from Saudi Arabia’s Public Investment Fund in 2019.

Kalanick was already well known to the PIF, which had invested $3.5 billion in Uber in 2016.

CloudKitchens leases kitchen space to restaurants and provides a range of services, including delivery support, maintenance, and logistics. Its Middle East operations include facilities operating under the Kitchen Park brand in the UAE, Saudi Arabia, and Kuwait.