Swvl wins renewal of $4 million contract with NEOM City
Swvl Holdings Corp (NASDAQ: SWVL), a global leader in tech-enabled transportation solutions with a market cap of $44.54 million, has announced the renewal of a significant three-year contract valued at approximately $4 million, with the potential to exceed $5.2 million by the end of the agreement. This contract, confirmed in January 2025, extends Swvl’s six-year collaboration in Saudi Arabia, bolstering its involvement in the country’s rapidly expanding transportation sector, particularly within the NEOM smart city project.
The new contract is a notable part of Swvl’s
strategy to expand its operations in Saudi Arabia, representing about 30% of
the company’s $17.21 million in trailing twelve-month revenue. NEOM, a
futuristic city under construction across 26,500 square kilometers, will
benefit from Swvl’s advanced transport solutions that aim to streamline dynamic
transportation needs and enhance fleet management for consistent and efficient
service delivery.
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Mostafa Kandil, CEO of Swvl, expressed his
enthusiasm: "We’re honored to continue our partnership with a key player
in Saudi Arabia’s essential services sector. This renewed contract reinforces
our footprint in the region and supports our mission to expand transportation
networks, including the critical NEOM city project."
Swvl’s platform, which offers innovative,
tech-driven transportation options, aims to provide safer, more efficient, and
accessible mobility across multiple cities worldwide. The company remains
focused on empowering individuals and organizations to navigate transportation
challenges effectively.
This press release includes forward-looking
statements about Swvl’s anticipated growth and the expected value of this
contract. These projections are based on current management expectations and
may be affected by various risks and uncertainties, which could cause actual
results to differ significantly.
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Investors
are advised that the information provided is based on the company’s statements
and should not be regarded as definitive predictions or guarantees of future
performance.
Source: investing.com
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