Update: Swvl removes consumer services from its website

Founded in 2017 in Cairo, Swvl began as a consumer-focused transportation service, allowing riders to book seats on buses with fixed routes. As the company expanded, it expanded into business-to-business services, offering Software as a Service (SaaS) and Mobility as a Service (MaaS) solutions to enterprises, governments, and educational institutions.

However, facing economic challenges and a disappointing IPO, Swvl gradually shifted its focus towards B2B services.

The business-to-consumer segment contributed about 27 percent of the total company’s revenue ($23 million) in 2023.

On Monday, the Cairo-born firm also announced the launch of its regional headquarters in Riyadh, Saudi Arabia, aligning with the country’s Vision 2030 and Regional Headquarters Program.

The program offers significant incentives, including zero percent corporate tax for 30 years, a 10-year Saudization exemption, and visa facilitation for RHQ employees. The move will also allow Swvl, which has been operating in Saudi for four years, to participate in government contracts.

The company recently announced new contracts in Saudi Arabia worth $2.6 million in incremental annual contract value, which makes up about 10% of Swvl’s 2023 full-year revenues.