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STARTUP WATCH-
Egypt-born mass transit app Swvl officially launched its regional HQ in Riyadh, in a bid to tap government contracts, according to a press release. “By establishing this RHQ in Riyadh, Swvl intends to leverage the program’s [Saudi Arabia’s Regional Headquarters Program] incentives to support its long-term expansion plans and fuel Swvl’s growth strategy across the region.”
IN CONTEXT: SWVL CEO and founder Mostafa Kandil mentioned the move back in May. Swvl secured USD 2.6 mn in contracts in the Kingdom in 3Q, expanding its services in Riyadh, Dammam, Madina, and Jubail.
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TELECOM-
Stc has tapped its tech subsidiary solutions for a SAR 309.7 mn internet and communications network upgrades contract, according to a disclosure to Tadawul. The two-year contract will see solutions ramp up the capacity of the telecom giant’s internal internet network to support 5G services, switch out old devices, supply, install and test new equipment, programs and tools, and establish internet infrastructure at new data centers among other tasks. Stc owns 79% of solutions.
MARITIME-
Mawani adds new shipping service to Jeddah Islamic Port: Saudi Ports Authority (Mawani) has added a new shipping service, dubbed MER1, to Jeddah Islamic Port in partnership with C Star Line and UGL, it said in a statement. The new service has a capacity of some 1.6k standard containers and connects Jeddah with Nhava Sheva and Mundra in India, Jebel Ali in the UAE, Djibouti, and Aden in Yemen. The frequency of the newly launched route was not disclosed in the statement.
