Dsquares is not looking to launch a SPAC
FACT CHECK- Loyalty services provider Dsquares is not looking to create a SPAC, founder and CEO Marwan Kenawy tells us, denying a report from Al Shorouk we picked up yesterday.
Though cross-border acquisitions could be in the cards: “We are looking at possible acquisitions in other countries, but a SPAC or IPO is not in the plan at this point,” Kenawy says.
Dsquares is focused on scaling at a global level and launching new products. “We are expanding in the Middle East, Africa and Europe,” Kenawy told us. The company is already present in Egypt, Jordan, UAE, KSA, Romania, Kenya, and Tanzania, and is working with multinational companies including Vodafone and MasterCard.
The company is currently working on an Egypt-wide citizen engagement project with Prime Business Consulting to provide citizens with loyalty incentives for using the government’s online and offline products. This includes, for example, encouraging people to renew their driver’s license online or pay their electricity bills on time. The project is part of the government’s digital transformation mandate and the first phase should launch by mid-2022.