UAE’s Swvl to list on Nasdaq as 1st ME company

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, tweeted congratulations to Arab entrepreneur Mostafa Kandil, for his vision to establish a $1.5 billion green-focussed 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 tweeted, reports Gulf News.

Swvl is going public through a merger with Queen’s Gambit Growth Capital. Founded in 2017, Swvl provides ridesharing services in emerging markets that don’t always have reliable public transportation. The company’s proprietary algorithm identifies the most efficient and cost-effective routes, thereby reducing emissions while lowering costs for riders.

Earlier in the day, the Wall Street Journal reported the deal was in the final stages. The mobility company is merging with Queen’s Gambit Growth Capital, a SPAC [special purpose acquistion company] created earlier this year. Its CEO Victoria Grace is the founder of New York-based VC fund Colle Capital.

The two companies entered into a definitive agreement for a combination that would result in Swvl listing on NASDAQ.