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Kuwait’s Zain to invest in SWVL, Queen’s Gambit merger

Kuwait’s Zain to invest in SWVL, Queen’s Gambit merger

ArabFinance: Kuwait-based Mobile Telecommunications Company (Zain) plans to invest in the recently announced business combination between the Dubai-based ride-sharing company Swvl and Queen’s Gambit Growth Capital, the first special purpose acquisition company led by women, Zain announced in a statement to Boursa Kuwait.

Zain will subscribe for $10 million (KWD 3 million) in this merger transaction, according to the statement.

It is worth noting that Swvl and Queen's Gambit Growth Capital jointly announced last week the signing of an agreement for a business combination.

Swvl is expected to become the first $1.5 billion unicorn in the Middle East to list on Nasdaq as a result of this merger.

Founded in 2017, SWVL offers intra and inter city travel options, along with B2B partnerships with public and private institutions aimed at transporting students and employees.

Since its founding, SWVL has moved its headquarters and base of operations from Egypt to the UAE and now operates in Jordan, Kenya, and Pakistan.

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