Riyadh – Sharikat Mubasher: Egypt-based Swvl Holdings Corp, a provider of technology-driven mobility solutions, announced the launching of its regional headquarters in Riyadh, Saudi Arabia.
This significant stride aligns with the company’s long-term growth and profitability plans in the Gulf Cooperation Council (GCC) by leveraging the program’s benefits and engaging in government contract opportunities, according to a press release.
Having operated in Saudi Arabia for 4 years, Swvl offers fully managed and SaaS-based transportation services tailored to businesses and consumers across various industries.
In Q3 2024, Swvl secured $2.6 million in new annual contracts in Saudi Arabia, contributing to approximately 10% of its total revenues for 2023. This expansion has resulted in a six-fold increase in gross profit in the Kingdom compared to Q1 2023, as reported by the Investing.com platform.
Commenting on this, Mostafa Kandil, CEO of Swvl said: “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. Strengthening our presence and enhancing our technology-driven mobility solutions will help reshape the future of transportation in Saudi Arabia, creating new opportunities for businesses and communities.”
The Regional Headquarters program in Saudi Arabia is a key initiative introduced by the Saudi government as part of its Vision 2030 strategy. It encourages multinational corporations to set up their regional headquarters in Riyadh, facilitating operations across the Middle East and North Africa (MENA) region.
By leveraging the Regional Headquarters program’s incentives, Swvl aims to support its long-term expansion plans and accelerate its growth strategy throughout the region while contributing to Saudi Arabia’s ambitions of becoming a global business hub.
