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 3 million) 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.
