Dubai-based shared mobility services provider Swvl has entered into a definitive agreement to acquire UK-based smart bus platform and technology start-up Zeelo, as it continues to expand globally.
The deal will expand Swvl's worldwide footprint to 146 cities across 21 countries, including immediate entry into two big markets, the US and South Africa, while boosting its sustainable business model, it said on Friday.
The terms of the deal, which is expected to be finalised in May, were not disclosed.
“Swvl and Zeelo share a vision and mission to provide reliable transportation that gets riders where they need to go in an affordable, safe and environmentally friendly manner,” said Mostafa Kandil, founder and chief executive of Swvl.
“Zeelo rapidly advances our leading market position as a provider of technology-enabled mass transit solutions on a global scale.”
Swvl's acquisition of Zeelo follows other agreements forged by the $1.5 billion company, which listed on the Nasdaq last month after merging with a special-purpose acquisition company (Spac).
Earlier this week, Swvl, which was incorporated in Cairo, agreed to acquire Turkish mass transit company Volt Lines to further expand its operations in Europe.
The company bought Berlin-based technology-enabled mass transit solutions provider door2door last month.
It also acquired a controlling stake in Shotl, an Uber-like service in Barcelona for bus and van operators, last August.
In November, it acquired a controlling interest in Argentina's Viapool to help its expansion within Latin America.
The mobility-as-a-service market was valued at about $12bn in 2020 and is projected to grow up to $60bn by 2026 at a compound annual rate of more than 30 per cent, according to Mordor Intelligence.
Zeelo offers daily bus commutes to frontline workers and students through contracts with organisations and family-run bus operator networks.
Its system is used by large businesses, staffing agencies, independent schools and universities across the UK, South Africa and the US.
The Zeelo acquisition is expected to help Swvl in supporting the shift from single-occupancy vehicles to zero-emission mass transit as it seeks to tap into opportunities in both the labour and education segments.
The deal would “firmly establish smart bus transport as the best-in-class shared mobility solution that takes account of all income levels and the needs of ordinary, every-day travellers”, said Sam Ryan, founder and chief executive of Zeelo.
“Bus transport done well with tech can take us beyond our dependency on cars and taxis, which are not suitable for commutes from non-urban areas … especially shift workers, professionals and students living in transport-poor areas in the developed markets.”
Swvl, which was founded in 2017, allows commuters to reserve seats on private buses operating on fixed routes and pay fares using its mobile app.
It has intercity and intra-city buses and offers transport services to business and governments.
The latest agreement will enable Swvl to offer business-to-business mobility solutions that reduce operational costs for its clients, the company said.
It also aims to tap into the light-delivery model by partnering with existing fleet partners, including more than 200 bus operators in the UK and the US.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Cultural fiesta
What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and “masterclass” sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including ‘Who is the Audience for Islamic Art?’ and ‘New Markets for Islamic Design.’ A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.
Brave CF 27 fight card
Welterweight:
Abdoul Abdouraguimov (champion, FRA) v Jarrah Al Selawe (JOR)
Lightweight:
Anas Siraj Mounir (TUN) v Alex Martinez (CAN)
Welterweight:
Mzwandile Hlongwa (RSA) v Khamzat Chimaev (SWE)
Middleweight:
Tarek Suleiman (SYR) v Rustam Chsiev (RUS)
Mohammad Fakhreddine (LEB) v Christofer Silva (BRA)
Super lightweight:
Alex Nacfur (BRA) v Dwight Brooks (USA)
Bantamweight:
Jalal Al Daaja (JOR) v Tariq Ismail (CAN)
Chris Corton (PHI) v Zia Mashwani (PAK)
Featherweight:
Sulaiman (KUW) v Abdullatip (RUS)
Super lightweight:
Flavio Serafin (BRA) v Mohammad Al Katib (JOR)
Company%C2%A0profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ELeap%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EMarch%202021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Ziad%20Toqan%20and%20Jamil%20Khammu%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%0D%3Cbr%3E%3Cstrong%3EFunds%20raised%3A%3C%2Fstrong%3E%20Undisclosed%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3ESeven%3C%2Fp%3E%0A
MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The specs
BMW M8 Competition Coupe
Engine 4.4-litre twin-turbo V8
Power 625hp at 6,000rpm
Torque 750Nm from 1,800-5,800rpm
Gearbox Eight-speed paddleshift auto
Acceleration 0-100kph in 3.2 sec
Top speed 305kph
Fuel economy, combined 10.6L / 100km
Price from Dh700,000 (estimate)
On sale Jan/Feb 2020
