Kuwaiti “Zain” invests $10M in merger of Swvl, Queens Gambit

CAIRO – 1 August 2021: Mobile Communications Company “Zain” announced that it will invest $10 million in the recent merger of “Swvl” and “Queens Gambit” companies, amounting to approximately 3 million Kuwaiti dinars.

Zain said in a statement to the Kuwaiti Stock Exchange, Sunday that “Swvl” and “Queens Gambit” entered into an agreement to merge the business to become through “Swvl” the first company in the Middle East with an estimated value of more than $1 billion to be listed on the Nasdaq Stock Exchange under the symbol (SWVL).

Dubai-based Swvl is the owner of an innovative and sustainable mass transit platform, while Queens Gambit is a special purpose acquisition company.

The Egyptian company “Swvl” was established by Mostafa Kandil in 2017, as a smart service for mass bus transportation in Egypt, and then expanded to reach other markets in the region, and is headquartered in Dubai, while the company plans to merge with “Queens Gambit Growth Capital” in a deal that will raise the value of the company to about $ 1.5 billion.

Profits of Kuwaiti "Zain" rose 5 percn in the first half of this year, on an annual basis; To reach 86 million dinars, with a profit of about 10 fils per share.

Zain revealed that its consolidated revenues for this period amounted to 750 million dinars, or $2.5 billion, compared to 787 million dinars, or $2.6 billion dollars, for the same period last year.

The group recorded a growth in net profits in the second quarter, with an increase of 14.5 percent to 41 million dinars, equivalent to $138 million.