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Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

TechCrunch

Cairo and Dubai-based ride-sharing company Swvl plans to go public in a merger with special purpose acquisition company Queen’s Gambit Growth Capital, Swvl said Tuesday. The trio started the company as a bus-hailing service in Egypt and other ride-sharing services in emerging markets with fragmented public transportation.

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SWVL plans to lay off 32% of its team two months after going public

TechCrunch

Tech companies, private and public, have faced a reckoning in the past few months with their valuations taking a beating. This downsizing from the Dubai-based startup adds to the long list of global cross-stage layoffs in what has been a rough month for tech employees. This March, the company went public via a SPAC merger with U.S.

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Lucid is raising prices on its luxury Air EV by as much as 13%

TechCrunch

All existing reservation holders will not experience price hikes, the company said, noting that updated pricing for Canada will be made public on June 1. “Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including Covid-related factory shutdowns in China.

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Lenovo secures $2 billion investment from Saudi Arabia’s Alat, establishes MEA headquarters in Riyadh

TechNode

On Wednesday, Chinese PC maker Lenovo announced a strategic partnership with Alat, a subsidiary under Saudi Arabia’s Public Investment Fund (PIF) focused on transformative technology investments and sustainable manufacturing, with Alat proposing a $2 billion zero coupon convertible bonds investment in Lenovo.

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Remote working means this startup can use brains in emerging markets to disrupt management consultants

TechCrunch

The global management consulting industry is worth billions of dollars but to this day it’s been tough to disrupt with technology. And while there are plenty of portals offering low-quality freelance consulting services, these are generally unsupervised that would never work for corporates and the public sector.

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Saudi sovereign fund reportedly mulls investment in Chinese EV startup

TechNode

Chinese electric vehicle maker Human Horizons is reportedly in discussions with the Public Investment Fund, Saudi Arabias sovereign wealth fund, to secure at least $250 million at a valuation of $3 billion, according to Bloomberg sources. billion with the six-year-old automaker. billion with the six-year-old automaker.

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Egyptian healthtech startup Vezeeta cuts 10% of 500-person staff

TechCrunch

TechCrunch reached out to the Egypt- and Dubai-based company for comment but didn’t get any response at the time of publication. . Like many healthtech startups in the region and globally, Vezeeta benefited from pandemic-induced funding, and before this news, there was no indication that the 10-year-old company needed to cut costs.