Swvl secures $2.6M in new annual contracts in Saudi Arabia during Q3

The company states: “Swvl Holdings signed multiple new contracts in Saudi Arabia during the third quarter, contributing $2.6 million in incremental annual contract value, equal to approximately ten percent of Swvl’s 2023 full year revenues. 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.”