Swvl, a green-focused mass transit company, is going public via an all-female SPAC

Dubai-based transportation company Swvl is going public through a merger with Queen's Gambit Growth Capital.

Dubai-based mobility company Swvl said Wednesday that it plans to go public through a reverse merger with Queen's Gambit Growth Capital. The special purpose acquisition company is led entirely by women. The deal with Queen's Gambit values Swvl's equity at around $1.5 billion, making it the largest Middle East-based unicorn to debut on the Nasdaq. An expected closing date for the merger was not given, but once complete the company will trade under the ticker SWVL. Reverser mergers involve private companies going public by buying a controlling share of a public firm.

Grace said in a statement that she was looking to identify and grow a "disruptive platform that solves complex challenges and empowers underserved populations," noting that in Swvl she found "each of those things and more."

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