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Swvl Secures $2.6 Million in New Annual Contracts in Saudi Arabia during the Third Quarter of 2024
Swvl pSwvl p(US:SWVL) GlobeNewswire News Roomยท2024-09-17 20:55

Core Insights - Swvl Holdings Corp has signed multiple new contracts in Saudi Arabia during Q3 2024, contributing $2.6 million in incremental annual contract value, which is approximately 10% of the company's projected full-year revenues for 2023 [1] - The company's gross profit in Saudi Arabia has increased sixfold compared to Q1 2023, reflecting its strategic focus on this rapidly growing market [1] - Swvl's technology aims to enhance operational efficiency through process automation and AI-driven solutions, providing real-time visibility and improved safety for transportation services, particularly in the education sector [3][4] Business Strategy - The new contracts will enable Swvl to deliver fully managed services and SaaS-based mobility solutions across various sectors, including education, food and beverage, healthcare, construction, and facility management in cities like Riyadh, Dammam, Madina, and Jubail [2] - The CEO of Swvl emphasized the company's commitment to addressing critical mobility challenges and enhancing operational efficiency for partners, particularly in ensuring safe transportation for schools [4] - Swvl's comprehensive mobility solutions are designed to tackle transportation challenges faced by businesses, governments, and public sector entities, focusing on reliable, safe, and cost-efficient transit services [4][5]