Kuwait's Zain to invest $10mln in Swvl, Queen's Gambit merged entity

Swvl will be the first $1.5bln unicorn in the Middle East to list on Nasdaq

  
A man uses Swvl application on a mobile phone in Cairo, Egypt November 6, 2019. Image used for illustrative purpose.

A man uses Swvl application on a mobile phone in Cairo, Egypt November 6, 2019. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany
Mubasher: Kuwait's Mobile Telecommunications Company (Zain) will invest in the newly-formed business combination between the Dubai-based ridesharing app Swvl and Nasdaq-listed Queen's Gambit Growth Capital, the first special purpose acquisition company led by women.

Zain will subscribe for $10 million (KWD) in this transaction, according to a disclosure to Boursa Kuwait on Sunday.

Last week, Swvl and Queen's Gambit Growth Capital announced an agreement for a business combination, which will result in Swvl being the first $1.5 billion unicorn in the Middle East to list on Nasdaq.

During the first half (H1) of 2021, Zain recorded a 5% year-on-year (YoY) rise in its net profits to $86 million.

Source: Mubasher

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