Understanding the Market | Meituan-W rose over 4% in the afternoon as Keeta's business scope in the Middle East continues to expand, planning to enter the Kuwaiti market by the end of this year or early next year

According to Zhitong Finance APP, Meituan-W (03690) rose more than 4% in the afternoon, with a current increase of 4.02%, priced at HKD 124.2, and a transaction volume of HKD 4.381 billion.

In terms of news, on August 13, media reported that Meituan-W's overseas delivery platform Keeta is further expanding its business coverage to Middle Eastern cities such as the UAE, Kuwait, Qatar, and Bahrain, and is currently recruiting teams and merchants. Keeta began exploring the Saudi market in September 2024, and by the end of last month, its business had covered 20 Middle Eastern cities, with plans to further expand to more regions in the future.

Additionally, Kuwaiti media cited informed sources stating that Meituan Keeta plans to enter the Kuwaiti market, with the recruitment process nearing completion, and is expected to officially launch delivery services in the second half of 2025 or early 2026. Furthermore, Keeta may consider acquiring a local delivery or logistics company to facilitate its business operations in Kuwait.

Morgan Stanley previously pointed out that in the next three years, Keeta plans to fully cover the six Gulf countries (Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain), and may also enter the UAE in the second half of this year. Morgan Stanley expects that by 2028, Keeta's market share in the Middle East will reach 20%, with GMV reaching USD 6 billion