Saudi Arabian quick-delivery startup Ninja is exploring investor interest for a potential Riyadh listing, according to sources familiar with the matter. The company, valued at over $1 billion, has been privately gauging market appetite despite ongoing regional tensions that have created market volatility. The move signals confidence in Saudi Arabia's growing tech sector.

Ninja operates in the competitive quick-commerce space, delivering groceries and essentials within minutes using a network of dark stores and riders. The company's potential IPO comes as Saudi Arabia pushes to diversify its economy beyond oil through its Vision 2030 initiative. Riyadh's stock exchange has been actively courting tech listings to boost its profile.

The timing is notable given that regional conflict has now entered its fourth week, creating uncertainty in financial markets. However, Ninja's IPO plans suggest the company believes market conditions will stabilize or that investors remain hungry for high-growth tech opportunities. The company joins other Saudi startups considering public offerings as the kingdom seeks to build a vibrant private sector.