SWVL joins Saudi Arabia’s regional headquarters scheme

SWVL joins Saudi Arabia’s regional headquarters scheme

News

• 15 October, 2024

Edit

• The mobility giant Swvl has joined Saudi Arabia’s Regional Headquarters (RHQ) Programme and launched its HQ in the Saudi capital of Riyadh.
• This move supports the company’s long-term growth and profitability plans in the GCC by leveraging the programme’s benefits and participating in government contract opportunities.
• The Nasdaq-listed company was founded in Cairo in 2017 by Ahmed Sabbah, Mahmoud Nouh, Mostafa Kandil, and Rafael Coronel. Swvl is now headquartered in the UAE and KSA.
• SWVL secured $2.6 million in new contracts in Saudi Arabia during the third quarter of 2024, a six-fold increase in gross profit compared to Q1 2023 and accounting for 10% of the company’s total revenue in 2023.
• Recently, Kandil, the co-founder of the global startup, has denied slashing the B2C part of the company, asserting that SWVL is still operating for customers, not only enterprises and governments.

Press release:

Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a leading provider of technology-driven mobility solutions for enterprises and governments, is excited to announce the launch of its regional headquarters (RHQ) in Riyadh, Saudi Arabia. This move is a key step in supporting the Company’s long-term growth and profitability plans in the Gulf Cooperation Council (GCC) by leveraging the program’s benefits and participating in government contract opportunities.

Swvl is thrilled to be part of Saudi Arabia’s Regional Headquarters (RHQ) Programme, which aligns with Saudi Arabia’s Vision 2030 goals to diversify the economy and boost foreign investment. By establishing this RHQ in Riyadh, Swvl intends to leverage the program’s incentives to support its long-term expansion plans and fuel Swvl’s growth strategy across the region while contributing to Saudi Arabia’s ambitions of becoming a global business hub.

Swvl has been providing technology-driven mobility solutions in Saudi Arabia for the past four years, offering both fully managed and SaaS-based transportation services tailored to businesses’ needs across various industries. By leveraging advanced technology, Swvl enables businesses across the Kingdom to provide high-quality transportation for employees and staff while driving cost and operational efficiency. Saudi Arabia continues to be the fastest-growing and most profitable market for Swvl.

“As we continue to grow in Saudi Arabia, we are excited to contribute to the Kingdom’s Vision 2030 and its ambitious digital transformation goals through strengthening our presence and our technology-driven mobility solutions across the region. We are proud to be at the forefront of reshaping the future of transportation in Saudi Arabia, creating more opportunities for businesses and communities alike,” said Mostafa Kandil, CEO of Swvl.