Saudi Foodservice Market Races To $58.3bln Amid Demand For Alternative Restaurant Financing Models

SPICE (www.getspice.com), the Sharia‑compliant premium dining startup, providing restaurants and cafés with flexible financing while delivering uncapped and unrestricted cashback to diners, today underscored Saudi Arabia’s structural shift toward a world‑class foodservice economy aligned with Vision 2030. As the Kingdom’s F&B economy is projected to reach USD 58.3 billion by 2033, the demand for alternate financing from fine dining restaurants and cafes is growing. 

For restaurants and cafés, SPICE delivers Sharia‑compliant funding, enabling operators to fund renovations, expansions and marketing without the constraints of traditional debt repayment.  The SPICE app provides 20% cashback on premium dining experiences, personalised discovery of restaurants and cafés as well as top trendy and casual concepts, through a seamless mobile app interface optimised for Saudi’s digital‑first consumers. This dining capital model creates a cycle which rewards returning diners every time they dine at a SPICE funded restaurant. 

“Saudi Arabia’s Vision 2030 is transforming the Kingdom into a global F&B powerhouse, with restaurants and cafés positioned at the heart of that ambition as essential infrastructure for both domestic consumers and international visitors,” said Zeid Husban, CEO & co-founder, SPICE. “Restaurant operators face real challenges in securing capital to expand and upgrade amid this demand surge, while diners increasingly expect digital returns for their loyalty. SPICE addresses both sides of that equation through Sharia‑compliant mechanisms that align incentives across the ecosystem.”

Saudi Arabia’s dining landscape is undergoing rapid expansion, with the number of premium establishments expanding to an estimated 1,200 outlets nationwide while cafés and coffee shops have grown to around 12,500 locations. The MICHELIN Guide to Saudi Arabia now recognises 52 restaurants, signalling the Kingdom’s arrival on the global high‑end culinary map across Riyadh, Jeddah and AlUla.  

These formats demand significant upfront and ongoing investment, with traditional financing often falling short for operators seeking to capitalise on Vision 2030‑driven demand without compromising agility or Sharia compliance.

Brands partnering with SPICE experience 139% increase in visits, +347% spend per guest, 2.5x ROI on food cost credit, and 2x loyalty and retention uplift.

Dining out has evolved from an occasional indulgence into a structured weekly ritual for Saudi households. Research reveals that 38% of Saudi nationals enjoy family dinners out at least once a week, while coffee and dessert outings have become entrenched as regular social occasions. 65% of the Saudi population is under the age of 35, driving modern dining trends and 92% of Saudi diners now use mobile apps to search for new restaurant locations

Ticket sizes reflect this premiumisation trend, typically ranging from SAR 100 to SAR 300 per person in major cities, creating substantial opportunity for meaningful rewards programs with 20% rewards guaranteed every time you dine. 

Vision 2030 has positioned tourism at the heart of the national transformation strategy, targeting a doubling of GDP contribution from 5% to 10% by 2030. Tourism remains a key driver of fine dining with the Kingdom welcoming 122 million visitors in 2025, generating approximately SAR 300 billion in tourism spending.  In Q1 2025, restaurants and cafés accounted for 29% of all POS transactions, equivalent to SAR 99 billion.  

SPICE was founded in 2025 by serial entrepreneurs Zeid Husban, Wadi Hawi, and Yousef Sawalha. Previously, they built and exited ifood.jo which was acquired by Delivery Hero  and POSRocket which was acquired by Foodics.  SPICE is their third F&B startup leveraging deep expertise in both consumer dining platforms and restaurant operations.