Meituan (HKG:3690) plans to expand its Keeta food delivery service to more locations in the Middle East, South China Morning Post reported Monday, citing people familiar with the matter.
The service, launched in Al Kharj, Saudi Arabia, in September, will soon expand to Dammam and Jeddah by the end of the year and further into Mecca and Medina by January 2025, the report said.
Keeta plans to cover 80% of Saudi Arabia by July 2025 and reach the United Arab Emirates and Bahrain by next year, SCMP said, citing one of the sources.
Jordan is also a prospect expansion target as Keeta's customer service team hails from that country. The company is also considering entering North Africa via Egypt, the report said.
Shares of Meituan slid 1% during Tuesday's afternoon trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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