– Swvl Holdings Corp launches its regional headquarters in Riyadh, Saudi Arabia, aiming to strengthen its presence in the GCC region and participate in government contract opportunities. 

– Swvl secures $2.6 million in new annual contracts in Saudi Arabia during Q3 2024, contributing to a six-fold increase in gross profit compared to Q1 2023 and representing 10% of the company’s 2023 full-year revenues. 

– The move is in line with Saudi Arabia’s Vision 2030, with Swvl playing a crucial role in the Kingdom’s digital transformation by providing technology-driven mobility solutions and enhancing operational efficiency for businesses and consumers in various sectors.

Swvl Holdings Corp, a provider of technology-driven mobility solutions, has announced the launch of its regional headquarters (RHQ) in Riyadh, Saudi Arabia. The company has operated in Saudi Arabia for the past four years, offering 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.

This strategic move supports 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. 

“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,” said Mostafa Kandil.

Swvl’s establishment of the Regional Headquarters program aligns with Saudi Arabia’s Vision 2030 goals to diversify the economy and enhance foreign investment. 

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 (MNCs) to set up their regional headquarters in Riyadh, facilitating their 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.

Utilizing advanced technology, Swvl enables businesses across the Kingdom to deliver high-quality transportation for employees and staff, driving cost savings and operational efficiency. Saudi Arabia remains Swvl’s fastest-growing and most profitable market.