Dsquares Considers Egypt or Saudi Listing in 2027

In Short

• Dsquares is preparing for a potential public listing in 2027.
• Egypt and Saudi Arabia are the two markets under consideration.
• The company sells loyalty and rewards programs to large brands across the Middle East and Africa.

What Happened

Dsquares, a loyalty and rewards service provider, says it is working toward a potential listing in 2027. The plan was shared by CEO and co-founder Marwan Kenawy in an interview.

The company has not announced a completed IPO (initial public offering, meaning selling shares to the public on a stock exchange) and it has not disclosed a new funding round tied to the listing plan. For now, the listing is described as a milestone the company is preparing for, with Egypt or Saudi Arabia as possible venues.

Kenawy said Dsquares was built after the team saw that many businesses had transactions but weak customer relationships. Loyalty programs are meant to fix that by giving customers points, discounts, or other benefits when they keep buying.

He also described two themes shaping loyalty across the region. One is “ecosystem” loyalty, where multiple partners like banks, retailers, and telecoms share earn and redeem options, so the value follows a customer’s daily life. The second is agentic AI, which refers to AI systems that can take actions, not just recommend content, for example choosing the best reward redemption at the right time.

On Dsquares’ early traction, he pointed to large enterprise clients as proof points, including Vodafone Egypt and the National Bank of Egypt. He said the main challenge was convincing companies to treat loyalty as a profit driver with measurable ROI (return on investment, meaning the money a company gets back compared to what it spends).

Why It Matters

If Dsquares goes public, it could add another case study for how African and Middle East enterprise software and fintech-adjacent firms access long-term capital. A listing would also put more attention on loyalty infrastructure, the tools businesses use to keep customers returning, as competition shifts from pure acquisition to retention and lifetime value.