Mubasher: Agility Public Warehousing will invest in the newly formed business combination between Dubai-based Swvl and Nasdaq-listed Queen's Gambit Growth Capital, the first special purpose acquisition company led by women.

Agility will be subscribing for $20 million (KWD 6 million) for two million shares and $10 million (KWD 3 million) in a convertible note, according to the company's disclosure to the Dubai Financial Market (DFM) on Thursday.

The transaction does not have a material financial impact on Agility at the moment.

On 31 January 2021, Agility announced an investment of around $35 million (KWD 11 million) for a direct and indirect minority stake in the initial public offering (IPO) of the special purpose acquisition companies (SPAC), Queen's Gambit Growth Capital and its sponsor Queen's Gambit Holdings.

It is noteworthy to mention that Swvl and Queen's Gambit Growth Capital have entered into a definitive 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.