Saudi F&B market soars to $58.3bn amid demand for alternative restaurant

SPICE, a sharia‑compliant premium dining startup, providing restaurants and cafés with flexible financing while delivering uncapped and unrestricted cashback to diners, has 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 $58.3 billion by 2033, the demand for alternate financing from fine dining restaurants and cafes is growing, said senior industry experts. 

For restaurants and cafés, SPICE delivers Sharia‑compliant funding, enabling operators to fund renovations, expansions and marketing without the constraints of traditional debt repayment, they stated.  

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, they added. 

“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.

“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 stated.

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, stated the industry experts. 

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.

Around 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, said the industry experts.

Ticket sizes reflect this premiumisation trend, typically ranging from SAR100 to SAR300 per person in major cities, creating substantial opportunity for meaningful rewards programs with 20% rewards guaranteed every time you dine.