SPICE, a premium dining startup compliant with sharia, offers flexible financing to restaurants and cafés while providing diners with unlimited and unrestricted cashback, highlighting Saudi Arabia’s transformative shift toward a top-tier foodservice economy in line with Vision 2030.
Senior industry experts stated that as the kingdom’s F&B market is expected to hit $58.3 billion by 2033, the need for alternative financing from upscale dining establishments and cafes is increasing.
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For cafés and restaurants, SPICE provides Sharia-compliant financing, allowing operators to finance renovations, expansions, and marketing without the limitations of conventional debt repayment, they mentioned.
The SPICE app offers 20 percent cashback on upscale dining experiences, tailored exploration of restaurants and cafés, along with popular casual and trendy options, all delivered through a smooth mobile app interface designed for Saudi's digital-first audience. This dining capital model establishes a cycle that benefits returning diners whenever they eat at a SPICE funded restaurant, they noted.
“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,” remarked Zeid Husban, the CEO and co-founder for SPICE.
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“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,” he states.
Saudi Arabia’s culinary scene is experiencing swift growth, with the total of high-end venues reaching approximately 1,200 across the country, while cafes and coffee shops have surged to about 12,500 sites.
The MICHELIN Guide to Saudi Arabia now acknowledges 52 dining establishments, marking the Kingdom’s entry into the global fine dining scene across Riyadh, Jeddah, and AlUla, according to industry specialists. These formats require considerable initial and continuous investment, as traditional financing frequently fails to meet the needs of operators aiming to leverage the demand from Vision 2030 while maintaining agility and Sharia compliance.
Brands collaborating with SPICE see a 139 percent rise in visits, a 347 percent increase in spend per guest, 2.5x ROI on food cost credits, and a 2x boost in loyalty and retention. Eating out has transformed from a rare treat into a regular weekly custom for families in Saudi Arabia.
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Studies show that 38 percent of Saudi citizens partake in family dinners away from home at least weekly, and trips for coffee and dessert have become established as frequent social events.
Approximately 65 percent of the population in Saudi Arabia is under 35 years old, influencing contemporary dining trends, and 92 percent of diners in Saudi Arabia currently use mobile applications to find new restaurant spots, according to industry experts.
Ticket sizes illustrate this premiumisation trend, usually varying from SAR100 to SAR300 per person in large cities, presenting significant potential for worthwhile rewards programs with a guaranteed 20 percent rewards every time you eat out.