Swvl Secures $4M Contract Renewal for NEOM Transport in Saudi Arabia

Swvl Holdings Corp has renewed a significant three-year contract with a major enterprise in essential services in Saudi Arabia, valued initially at around $4 million and expected to exceed $5.2 million by the end of the term. This renewal extends a six-year partnership, reinforcing Swvl’s strategic role in providing technology-enabled transportation solutions for the NEOM smart city project, a large-scale infrastructure initiative in Saudi Arabia. The contract represents a substantial portion of Swvl’s revenue and emphasizes its commitment to expanding mobility services in remote and developing regions within Saudi Arabia. Despite this positive development, the company faces financial challenges including negative profitability, high leverage, and weak stock performance, which raises concerns for investors. Swvl’s advanced technology platform aims to optimize fleet operations and meet the dynamic transportation demands of essential services and government projects in the region. CEO Mostafa Kandil highlighted the renewal as a key milestone aligning with Swvl’s mission to expand transportation networks and support smart city development.