Swvl secures $2.6 million in new annual contracts in Saudi Arabia in Q3 2024 Page 1

DUBAI, United Arab Emirates, Sept. 17, 2024 (GLOBE NEWSWIRE) — Swvl Holdings Corp (“Swvl” or the “Company”) (Nasdaq: SWVL), a leading technology provider of mobility solutions for enterprises and governments, signed multiple new contracts in Saudi Arabia in the third quarter, representing an annual contract value of $2.6 million, equivalent to approximately ten percent of Swvl’s full year 2023 revenue. With these latest wins, Swvl’s gross profit in Saudi Arabia grew by six times compared to the first quarter of 2023. This growth is in line with Swvl’s strategic focus on expanding its footprint in Saudi Arabia, its fastest growing market, and providing an advanced solution that meets the transportation needs of both enterprises and government agencies.

Through these partnerships, Swvl will provide both fully managed services and SaaS-based mobility solutions to partners in Riyadh, Dammam, Madinah and Jubail, covering various sectors, with the education sector at the forefront, alongside sectors such as food and beverage, healthcare, construction and facility management.

Swvl technology enables enterprises to achieve greater operational efficiency through process automation and AI-driven routing and virtual stops. In addition, it provides comprehensive real-time visibility, which improves safety for partners who are primarily looking for safe transportation services, such as schools. This will enhance the end-user experience by ensuring smoother, safer and more reliable transportation services.

Mostafa Kandil, Chief Executive Officer of Swvl, commented on the announcement: “Our growth in Saudi Arabia reflects the trust our customers place in Swvl to address critical mobility challenges. We are committed to delivering innovative, technology-driven solutions that improve operational efficiency for our partners. We are pleased to see how our technology is effectively addressing major challenges such as school safety. By leveraging our advanced solutions, school administrators and partners can monitor student commutes, address critical safety issues and provide peace of mind to both parents and school administrators.”