Dubai Ruler Praises Swvl after Nasdaq Listing

Mohammed bin Rashid Al Maktoum, Ruler of Dubai, praised on Wednesday Egyptian transport start-up Swvl after being listed on the Nasdaq Stock Exchange.

"Dubai-headquartered Swvl is the first Middle East US USD 1.5bn Unicorn to list on Nasdaq US," bin Rashid wrote.

"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."

https://twitter.com/HHShkMohd/status/1420395013045997571?s=20

Swvl said, on Wednesday, that it is merging with US special-purpose acquirer Queen's Gambit Growth Capital in a merger deal that will allow it to list on the Nasdaq Stock Exchange.

The company, which moved its headquarters to Dubai in late 2019, describes itself as the first USD 1.5 billion unicorns from the Middle East to list on the exchange, where it will have the ticker symbol SWVL.

Swvl operates mass transportation services along fixed routes through an app. It operates in 10 countries, including Egypt, Kenya and Pakistan, will have a fully diluted equity value of USD 1.5 billion upon completion of the transaction.

It said the deal would provide USD 445 million in revenue for the company that it will use to expand into 20 countries by 2025.