Dubai-Based Swvl, the 1st ME Unicorn to List on Nasdaq US

Dubai-Based Swvl, the 1st ME Unicorn to List on Nasdaq US

28 July 2021

Founded in 2017 by Mostafa Kandil, Mahmoud Nouh, and Ahmed Sabbah, Swvl started as a bus-hailing service in Egypt, enabling users to travel within a city by booking seats on buses on fixed routes. It later expanded the service in Kenya and Pakistan and moved its headquarters to Dubai. Today Swvl is to finalize an agreement with a SPAC that makes it the first Middle East USD 1.5 billion Unicorn to list on Nasdaq US.

From a startup founded by the 28-year-old Mostafa Kandil to the first Middle East USD 1.5 billion Unicorn to list on Nasdaq US.

The startup has become the industry leader in mass transit across 10 cities in Egypt, Kenya, Pakistan, the UAE, Saudi Arabia and Jordan. Swvl’s gross revenues and markets have grown rapidly, with more than 1.4 million riders booking more than 46 million rides to date with thousands of drivers on Swvl’s platform.

Recently SWVL and Queen’s Gambit Growth Capital, the first special purpose acquisition company (SPAC) led by women, announced that they have entered into a definitive agreement for a business combination that would result in Swvl becoming a publicly-listed company.

With fully-diluted equity value of approximately USD 1.5 billion, Swvl will be the first USD 1 billion-plus unicorn from the Middle East to list on New York’s Nasdaq and the only tech-enabled mass transit solutions company to list on any stock exchange. The transaction is expected to close by end of the fourth quarter of 2021.

Talking to Twitter after this announcement, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said: “Dubai-headquartered Swvl is the first Middle East USD 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.”

Congratulating Mostafa, Sheikh Mohammed said that Dubai will remain a platform for all ambitious Arab youth.

Sources:

Khaleej Times

Khaleej Times

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