Egypt received plan from DR Congo to resume AU-sponsored GERD talks: FM Shoukry    Remittances from Egyptians abroad grow 13.2% in FY2020/21– central bank    Egypt's Dabaa nuclear plant: contribution to social and economic development    Hezbollah-organized fuel arrives in crisis-hit Lebanon    UN chief urges 'rapid' emission cuts to curb climate change    With foreign funds frozen, Afghan aid groups stuck in limbo    Cote d'Ivoire's Haller scores 4 goals as Ajax routs Sporting Lisbon in CL    Cairo welcomes UNSC presidential statement on GERD    Last-gasp Rodrygo goal sees Real Madrid beat Inter 1-0    Egypt's PM attends signing of ministerial agreement to implement WB-funded project to reduce air pollution in Greater Cairo    Egypt's new capital a gateway for Sinai Peninsula development – minister    Monetary Policy Committee of Egypt's CBE to review interest rates on Thursday    Egyptian expats' remittances hike to all-time high of $31.4 bln in FY 2020/21: CBE    Covid-19 vaccines prevent 125,000 deaths, 25 mln infections    Live score: Club Brugge v Paris Saint-Germain (UEFA Champions League)    Egypt records highest daily rise of coronavirus cases since mid-June    The Egyptian Mawlawiya troupe's concert at Al-Gumhouriya Theatre is a must go    Don't miss the AUC's webinar on Human Rights and the Built Environment Lifecycle    Development report launched    A cover for terror    Borhane Alaouié (1941-2021): The auteur's shadow    Jordan hosts energy meeting today to discuss transporting Egyptian gas to Lebanon    Russia permits airlines to resume flights from 49 cities to Egypt    Egypt's Abu Soma Development partners with KOMPASS Education    Sisi: coronavirus vaccines in Africa 'far less' than actual needs    Egypt gives emergency use approval for locally manufactured Sinovac/VACSERA COVID-19 vaccine    Egypt makes COVID-19 vaccination mandatory for all those aged over 18 in education sector    Orange Egypt Introduces Amazon Prime Video    Tokyo Olympics: Cautious opening ceremony, shy start for Egyptians in competitions    Mallawi Museum in Upper Egypt holds recycling workshop for children during Eid Al-Adha    Egypt keen on stable tax policies to attract more investors: Finance Minister    Sudan declares state of emergency as water goes beyond Merowe Dam capacity    Niagara Falls illuminated in Egyptian flag to mark 23 July Revolution anniversary    Capital flows into EM keep recovering after March 2020 slump: Central Bank of Egypt    1 child orphaned every 12 seconds due to COVID-19-associated death: World Bank    Egypt, Japanese Olympic Committee discuss boosting sports cooperation    Ethiopia ready to resume dam talks with no legally binding agreements: Ethiopian official    US emphasises AU's role in mediating Ethiopian damdispute    Sunken city of Thônis-Heracleion in Egypt's Abu Qir bay yields new archaeological treasures    New films, concerts, and destinations for Eid Al-Adha holidays    Egypt, Oman discuss enhancing bilateral economic, investment relations    Al Ahly v Kaizer Chiefs: Cairo giants eye 10th CAF Champions League title    Tunisia hopes to have a UN role in resolving Egypt-Ethiopia dam dispute    Egypt denounces Ethiopia's move to start second filling of giant dam    APO Group enters new exclusive agreement with Getty Images on African press releases and images    On International Museum Day, Egypt opens two new museums at Cairo Airport    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's transport start-up SWVL preps for Nasdaq listing after merger with Queen's Gambit
Published in Amwal Al Ghad on 28 - 07 - 2021

Egypt's transport technology start-up SWVL announced on Wednesday it entered into a merger agreement with U.S. special purpose acquisition company Queen's Gambit Growth Capital, a step that would enable the Egyptian company to list on the Nasdaq stock exchange.
Upon completion of the proposed merger, the combined public company will be named Swvl Holdings Corp and is likely to be listed on NASDAQ under the ticker symbol "SWVL", the company said in a statement.
SWVL, which is headquartered in Dubai, runs buses along fixed routes and allows customers to book and pay for them through an app and operates in 10 countries including Egypt, Kenya, and Pakistan. According to the merger, the company will have a fully diluted equity value of $1.5 billion upon completion of the transaction, it added.
Swvl will be the first $1 billion plus unicorn from the Middle East region to list on Nasdaq and only tech-enabled mass transit solutions company to list on any stock exchange.
The transaction will provide $445 million in proceeds to SWVL which it will use to expand to 20 countries by 2025, the statement further read, adding that the company will be listed as SWVL on the exchange.
Queen's Gambit Growth Capital is a female-led special purpose acquisition company (SPAC) said earlier in January that it was looking to invest in a target company with a focus on sustainability in the sectors of clean energy, healthcare, mobility or industrials, among others.
Mostafa Kandil, co-founder and CEO of Egyptian transport technology start-up Swvl
Speaking about the merger with Queen's Gambit, Mostafa Kandil, Swvl founder and chief executive, said: "With their partnership, as a public company, we will expand our daily commuting offerings and enterprise TaaS services that remove barriers to seamless mobility for the populations that need it most.
"In doing so, we will create even greater value for all stakeholders and continue innovating best-in-class technology solutions that improve the universal, daily struggle of mobility for so many."
Promising, Fruitful Partnership
In alignment with Queen's Gambit, Swvl said it is a mission-driven company that is focused on removing barriers to social and economic opportunity, while reducing the carbon footprint of megacities through its offerings.
The combined Company is set to draw upon Queen's Gambit's distinguished team of highly successful women, each of whom are at the forefront of their respective industries, have deep investment experience, and boast proven track records of successful ventures at public companies and in governance roles, the statement explained.
Victoria Grace, founder and chief executive of Queen's Gambit
"In Swvl, we have found each of those things and more. Having established a leadership position in key emerging markets, we believe Swvl is ready to capitalise on a truly global market opportunity." Victoria Grace, founder and chief executive of Queen's Gambit, said.
"We look forward to working with their team to create significant and sustained value for investors and all stakeholders alike. We will bring to bear the collective financial and operational expertise of the Queen's Gambit platform, for the benefit of Swvl and the communities that it serves, and believe this combination will serve as a catalyst for massive growth at scale."
Dubai ruler congratulates SWVL on NASDAQ listing
Dubai's ruler, Sheikh Mohammed bin Rashid al-Maktoum has congratulated SWVL's Mostafa Kandil, saying his brilliant vision led him to establish a $1.5 billion green-focused mass transport company in Dubai.
"Dubai-headquartered Swvl is the first Middle East $1.5 billion unicorn to list on Nasdaq US, founded by Mostafa Kandil, 28-year-old entrepreneur. Dubai's impact on the global start-up scene shows the vision and spirit of the region's youth in shaping tomorrow's businesses," Sheikh Mohammed said in a tweet.
Dubai-headquartered Swvl is the first Middle East US$1.5bn Unicorn to list on Nasdaq US, founded by Mostafa Kandil, 28-year-old entrepreneur. Dubai's impact on the global start-up scene shows the vision and spirit of the region's youth in shaping tomorrow's businesses.
— HH Sheikh Mohammed (@HHShkMohd) July 28, 2021
Burj Khalifa Celebrates NASDAQ Listing
The Burj Khalifa lit up and turned red this evening, celebrating SWVL being the Middle East's first $1.5 billion unicorn to list on Nasdaq.
View this post on Instagram
A post shared by Swvl (@swvlegypt)


Clic here to read the story from its source.