Headquartered in Dubai, "Swvl" is the first company from the region with $1.5 billion to be listed on the Nasdaq stock exchange.
Mohammed bin Rashid: Dubai will remain a platform for all Arab youth who aspire to universality
Swvl specializes in providing transformational mass transit and shared mobility solutions.
From the source
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His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said in a tweet on Twitter yesterday: "Mustafa Qandil... a 28-year-old Arab youth... was able to build a company from Dubai worth more than 1.5 billion dollars." Dollars, which were listed today on the Nasdaq Stock Exchange.. (SWVL) company for smart solutions for mass transportation, which operates in many countries.. Congratulations, Mustafa.. Dubai will remain a platform for all Arab youth who aspire to globalization.”
In addition, Swvl Inc., a provider of transformational mass transit and shared mobility solutions, and Queen's Gambit, listed on the Nasdaq Stock Exchange, under the symbol “GMBT”, revealed yesterday that it is the first company Special purpose acquisitions, led by an all-female management team, have concluded a definitive agreement, for the purpose of a business combination that will lead to the transformation of Swvl into a public joint stock company.
Upon completion of the proposed transaction, the publicly traded company will be named "Swvl Holdings Corp" and is expected to be listed on the Nasdaq Stock Exchange under the trading symbol "SWVL."
Property rights
With an implied and fully diluted equity value of about $1.5 billion, Dubai-based Swvl is expected to become the first more than $1 billion company in the Middle East to be listed on Nasdaq, as well as the only company based on Technology-backed mass transit solutions, listed on any stock exchange.
Founded by Mostafa Kandil in 2017, when he was only 24 years old, Swvl seeks to revolutionize the global mass transit market, which is estimated to be worth about one trillion dollars.
The company aims to provide total returns of approximately $445 million to the combined public company, including an increase of $100 million, the joint stake committed by PIPE (Private Investing in Public Equity) investors led by global strategic and financial investors including Agility and Luxor Capital Group and Zain, as well as generating revenue to fund and accelerate Swvl's long-term growth strategy, with the goal of increasing revenue by $1 billion and expanding to 20 countries by 2025.
The company's proprietary solutions backed by the latest technologies address the supply and demand challenges in the unregulated mass transit sector, thus significantly empowering communities by providing efficient, convenient, safe and affordable transportation solutions.
transportation systems
The founder and CEO of "Swvl", Mustafa Kandil, said, "Transport systems around the world are full of shortcomings, which leads to congestion, environmental concerns and low productivity, and the waiting period for passengers traveling in both directions often takes more than 40 minutes in Some emerging market cities, while over 80% of women in a large city report that they have experienced harassment on public transportation.”
He continued: “Even in developed markets, the societal cost imposed by the lack of mass transit solutions can be expensive, in the United States of America, for example, the annual cost of traffic is estimated at 88 billion dollars, while current alternatives to mass transit are considered Too expensive in many parts of the world.
He added, “To address these problems, we established (Swvl) with a simple but ambitious goal, in order to enable all people to go freely where they want and when they want and feel comfortable doing so.”
Qandil said: “We have successfully implemented our business plan in some of the most challenging emerging markets, where inefficiencies in infrastructure and related mass transit systems are a global problem, and we have now reached a critical inflection point, and with this in mind we are ready to share our expertise and technologies. with the rest of the world.”
He noted, “Queens Gambit is an ideal partner who shares our core values and is committed to helping accelerate Swvl's long-term growth plans.
Through their partnership, as a public company, we will expand our daily mobility offering and TaaS services to enterprises that remove barriers to the smooth transition of populations that need it most.
In doing so, we will create greater value for all stakeholders and continue to create best-in-class technology solutions that advance the global daily quest to improve mobility for the many.”
solid leadership
In just four years, Swvl has become a leader in the mass transit sector across 10 cities in Saudi Arabia, Egypt, Kenya, Pakistan, the United Arab Emirates and Jordan.
Swvl's revenue has grown rapidly, with more than 1.4 million passengers booking over 46 million trips to date with thousands of drivers via its digital platform.
Swvl's user base has a loyal track record, with more than 20% of intercity passengers choosing to use the multi-platform offering.
The company is empowering drivers in emerging markets who often face lack of entry from existing mass transit operations, in order to earn twice as much as other ride-sharing platforms.
Through its TaaS offering, Swvl has already enabled more than 100 organizations worldwide to reduce cost through dynamic routing, network planning, demand estimation, fleet optimization, and other leading transportation services.
Establishment of the company
Swvl was co-founded by Mustafa Kandil, who started his career at Rocket Internet, launching car sales platform Carmudi in the Philippines, which quickly became the largest auto classifieds company in the country in just six months. Head of Operations at Rocket Internet.
In 2016, Kandil joined Careem, the first transportation company in the Middle East.
And Kandil contributed to supporting the expansion of its platform in multiple new markets.
Careem is now a subsidiary of Uber, headquartered in Dubai, with operations in 100 cities and 15 countries.
semi-private alternative
Swvl is a global technology company headquartered in Dubai, that provides a semi-private alternative to public transportation for individuals who cannot afford to travel by fully alternative private transportation.
The company has built a parallel mass transit system that provides inter-city, B2B, and B2G mobility in 10 cities across Africa, Asia and the Middle East.
SWVL Application
The SWVL application, which is available for smartphones, aims to exploit tourist buses during rest periods, when these buses do not transport tourists, and operate them on fixed lines to transport passengers between vital areas in Cairo.
Through the application, the user can determine the place he wants to go to, and the application automatically searches for the nearest suitable line to transport the user to his destination, and the user can then reserve his card to board the appropriate bus, pay the cost of the card, as well as track the bus and know the date of his arrival at the boarding point to bus.
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