Riyadh – Sharikat Mubasher: Swvl Holdings Corp, a leading technology provider for enterprise and government mobility solutions, signed multiple new contracts in Saudi Arabia during the third quarter of 2024.
This amounts to $2.6 million in incremental annual contract value, equal to approximately ten percent of Swvl’s 2023 full-year revenues, according to a recent press release.
With these latest wins, Swvl’s gross profit in Saudi Arabia grew by six times the amount compared to the first quarter of 2023. This growth aligns with Swvl’s strategic focus on expanding its footprint in Saudi Arabia, its fastest-growing market, offering a cutting-edge solution that addresses the transportation needs for both businesses and government entities.
Through these partnerships, Swvl will deliver both fully managed services and SaaS-based mobility solutions to partners in Riyadh, Dammam, Madina, and Jubail, covering various industries with the education sector at the forefront, alongside sectors such as food and beverage, healthcare, construction, and facility management.
Swvl technology will enable enterprises to achieve greater operational efficiency through process automation and AI-driven routing and virtual stops. Additionally, it will provide comprehensive real-time visibility, enhancing safety for partners that primarily seek safe transportation services, such as schools. This will improve the end-user experience by ensuring smoother, safer, and more reliable transportation services.
Mostafa Kandil, Chief Executive Officer of Swvl, commented on the announcement: “Our growth in Saudi Arabia reflects the trust our clients place in Swvl to address critical mobility challenges. We are dedicated to delivering innovative, technology-driven solutions that enhance operational efficiency for our partners. We are happy to see how our technology effectively tackles significant challenges, such as safety in schools. By leveraging our advanced solutions, school administrators and partners can monitor students’ commutes, addressing crucial safety concerns and providing reassurance to both parents and school administrators.”
This new wave of business growth is part of Swvl’s ongoing strategy to expand its services globally. The Company’s comprehensive mobility solutions are designed to address the transportation challenges faced by businesses, governments, and public sector entities, providing tech-driven solutions for reliable, safe, and cost-efficient transit services.
