Despite the Eid break, there was still some big news coming out of the GCC. Egypt-based travel and logistics behemoth Swvl (SWVL) has wrapped up a deal for a smart bus scaleup, Zeelo, headquartered in London, in an £80m deal. It's the latest in several acquisitions as Swvl expands its business operations in three strategically-developed markets including the UK, South Africa, and the US. Zeelo is a smart bus platform for organizations, serving large businesses and independent schools and moving nearly 150,000 riders each month across the world.
Elsewhere, Dubai Telecom operator Du, reported a 21% increase in net profit for the first quarter of 2022 on higher revenues, as it continued to drive growth in customers and handset sales. Net profit for the quarter came in at $84.6m as the company said it ended the quarter with 7.5 million mobile subscribers, with additions across its postpaid and prepaid segments.
Staying in the UAE, Yahsat secured a contract worth $7.7m from the UAE government to provide satellite communications for its public platforms. The Abu Dhabi-listed company will “design and deliver an integrated satcom system” and ground control services.