#Dubai based Swvl to list on Nasdaq through $1.5bn SPAC deal

Dubai-based Swvl to list on Nasdaq through $1.5bn SPAC deal

Dubai-based Swvl will become the second technology start-up in the Middle East to list on the Nasdaq through a special purpose acquisition company at a valuation of $1.5 billion, the company said on Wednesday.

The Cairo-born mass transit and shared mobility services provider is set to go public through a merger with Queen’s Gambit Growth Capital, the first SPAC that is led entirely by women.

The combined public company will be named Swvl Holdings Corporation and is expected to list under the ticker symbol SWVL. The transaction is expected to close in the fourth quarter of 2021.

“Dubai-headquartered Swvl is the first Middle East $1.5bn Unicorn to list on Nasdaq US, founded by Mostafa Kandil, 28-year-old entrepreneur,” Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, said in a tweet.

“Dubai’s impact on the global start-up scene shows the vision and spirit of the region’s youth in shaping tomorrow’s businesses.”