Swvl Holdings Corp., a leading provider of technology-driven mobility solutions, has officially launched its new regional headquarters in Riyadh, Saudi Arabia. This strategic move is part of the company's broader effort to solidify its presence in the Gulf Cooperation Council (GCC) region and to capitalize on new business opportunities, particularly through Saudi Arabia’s Regional Headquarters (RHQ) Program. With Saudi Arabia as one of its fastest-growing and most profitable markets, this expansion aligns with both Swvl's long-term growth objectives and the Kingdom's Vision 2030.

Strengthening Operations in the GCC

Swvl’s decision to open a regional headquarters in Saudi Arabia is seen as a pivotal moment in the company’s journey. Having already operated in the Kingdom for the past four years, Swvl has successfully positioned itself as a key player in the Saudi transportation industry by offering fully managed and SaaS-based services that cater to businesses across various sectors.

Riyadh, a growing hub for international business, was chosen as the location for Swvl’s headquarters to take advantage of the Saudi government's RHQ Program. This initiative is designed to attract multinational corporations to establish regional offices in the country, thereby promoting economic growth and diversification in line with Saudi Vision 2030. The program offers significant benefits for companies like Swvl, enabling them to tap into lucrative government contracts and foster closer relationships with key stakeholders in the region.

Growth through Strategic Contracts

In addition to the launch of its new headquarters, Swvl has reported securing $2.6 million in new annual contracts in Saudi Arabia during the third quarter of 2024. These contracts are a reflection of the company’s growing footprint in the region and its ability to meet the evolving transportation needs of businesses and government entities.

The new contracts have played a significant role in Swvl’s impressive financial performance. The company saw a six-fold increase in gross profit compared to the first quarter of 2023, with the contracts contributing approximately 10% of Swvl’s total revenue for the full year of 2023. This substantial growth further underscores the importance of the Saudi market to Swvl's overall strategy and profitability.

Swvl’s CEO, Mostafa Kandil, emphasized the importance of the new regional headquarters and its alignment with the company’s expansion strategy. "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," Kandil said.

Supporting Saudi Vision 2030

Saudi Vision 2030 aims to diversify the country’s economy by reducing its dependency on oil, fostering innovation, and attracting foreign investment. As part of this initiative, the Kingdom is placing a strong emphasis on enhancing infrastructure and technological capabilities across industries, including transportation. Swvl’s technology-driven approach aligns perfectly with these goals.

Swvl has developed innovative solutions that enable businesses across Saudi Arabia to streamline their transportation services, particularly for employees and staff. The company’s offerings drive both operational efficiency and cost savings through advanced route optimization technology and real-time tracking, making it an ideal partner for companies looking to enhance their transportation capabilities.

The company’s mobility solutions not only benefit private sector companies but also support public sector entities by providing smart, scalable transportation alternatives. Swvl’s efforts to contribute to Saudi Arabia’s transportation infrastructure are a key aspect of its involvement in the broader digital transformation taking place within the Kingdom.

Expanding Market Share and Future Outlook

Swvl's new regional headquarters will also serve as a hub for future growth, allowing the company to scale its operations throughout the GCC region and beyond. The company’s focus remains on securing additional contracts, both within Saudi Arabia and across neighboring markets, as it continues to leverage the benefits provided by the RHQ Program.

Saudi Arabia remains Swvl’s fastest-growing market, and its profitability has been a driving force behind the company’s broader financial success. By combining its transportation solutions with the Kingdom’s push toward digital innovation, Swvl is positioning itself as a leading player in the region’s mobility sector.

Swvl's launch of its regional headquarters in Riyadh marks a significant milestone in its expansion across the GCC region. The new base will enable the company to strengthen its operations, capitalize on emerging business opportunities, and contribute to Saudi Arabia's Vision 2030 goals of economic diversification and digital transformation. With Saudi Arabia as a key driver of Swvl’s growth, the company is well-positioned to continue its upward trajectory, providing cutting-edge mobility solutions that benefit businesses, communities, and the Kingdom's broader economy.