Dubai-based shared mobility services provider Swvl agreed to acquire Turkish company Volt Lines as it seeks to expand its operations in Europe.
Founded in 2018, Volt provides mass transit solutions to corporate clients working in more than 110 companies through a network of “smartly routed” shared buses, a statement from Swvl on Tuesday said.
It has a strong presence in Turkish cities, including Istanbul and Ankara, the capital.
The financial details of the deal were not disclosed.
“With this acquisition, we are deepening our presence in Europe, immediately expanding our enterprise client base and continuing to deliver on our growth objectives,” Mostafa Kandil, Swvl founder and chief executive, said.
Swvl — a Cairo-born, Dubai-based company valued at $1.5 billion — began trading on Nasdaq in the US last month after a merger with special-purpose acquisition company (Spac) Queen’s Gambit Growth Capital, a blank-cheque company led by women.
Swvl is the second Arab technology company to be listed on Nasdaq after music streaming platform Anghami, which was also floated through a Spac in February.
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 across more than 100 cities in more than 20 countries.
“Volt Lines brings an extensive list of multinational customers that we are excited to continue to grow relationships with,” Youssef Salem, Swvl’s chief financial officer, said.
Swvl entered the European market in August last year after it acquired a controlling stake in Shotl, an Uber-like service in Barcelona for bus and van operators that caters to municipalities, corporations and educational institutions.
It also bought Argentina’s Viapool in November and European tech-enabled mass transit solutions provider door2door last month, with the transaction expected to close in the second quarter of this year.
The Volt Lines deal is also expected to be completed in the second quarter and is subjected to customary closing conditions, Swvl said.
“When we launched Volt Lines four years ago, we set out to deliver a revolutionary transit experience to make commuting more reliable and affordable in Istanbul,” Ali Halabi, Volt Lines’ founder and chief executive, said.
“With Swvl’s global footprint, leading technology platform and proven ability to scale, we believe they are the ideal partner for Volt Lines to accelerate expansion of our platform.”
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Courtesy: Crystal Intelligence
Company%20Profile
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The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
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- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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THE SPECS
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