Egyptian PM receives Mustafa Kandil, Swvl’s CEO

• Madbouly: The government encourages and supports the ideas and efforts of Egyptian youth. Anyone who has good ideas and works hard will succeed.
   
• Mustafa Kandil: I’m very proud that Swvl is basically an Egyptian company. The state has a clear orientation to support entrepreneurship and startups.
   
• The company is currently worth $1.5 billion, and we're looking to increase it to $15 billion next year. The Egyptian market is full of diverse investment opportunities.

 

Dr. Mustafa Madbouly, Egypt Prime Minister, met Mustafa Kandil, Swvl CEO, and Youssef Fathy, Swvl’s finance director.

At the beginning of the meeting, Dr. Mustafi Madbouly expressed his pleasure with the successful young Egyptian, who was able to launch a startup at a young age, noting that the Government encourages and supports, sin every possible way, all the ideas and efforts of Egyptian youth, and we are fully prepared to support the company, wishing to see thousands of companies in Egypt following Swvl’s steps.

"You are a role model for Egyptian youth. Anyone who has good ideas and works hard will succeed and you proved that” the Prime Minister said to Kandil.

“Our doors are open to welcome and support Egyptian young people. We are ready to discuss challenges and find ways to overcome obstacles that face entrepreneurs to help them launch their business,” added the prime minister.

From his part, Mustafa Kandil, Swvl CEO, thanked Dr. Mustafa Madbouly, for this fruitful meeting, the third of its kind, and expressed his pride in this government support for Egyptian youth.

“I’m very proud that Swvl is basically an Egyptian company. Egypt witnessed its first launch, where we've been able to achieve successes that have enabled us to expand into other markets. I'm the second-youngest CEO of a company on the Nasdaq stock exchange. The company is currently worth $1.5 billion and we are seeking to increase its value to $15 billion over the next year” said Kandil in his meeting with the PM.

“The Egyptian market is full of diverse investment opportunities, as demonstrated by the inspiring success stories of many startups in various fields,” added Kandil.

Swvl’s CEO continued “Egypt has many innovative young people who work hard and challenge themselves to make their dreams real. Hundreds of projects in Egypt had made remarkable milestones and successes thanks to the state orientation to support entrepreneurship and startups.”

“Swvi is very keen to expand its investment activity in the Egyptian market, as it is aware that the transport sector is a vital and important part of the State's current development processes, particularly the process of government transition to the new administrative capital and the necessary network of roads and connections that can facilitate the movement of citizens to and from it, as well as residential expansions in new cities, which also needed more transportation,” added Kandil.

“Swvl was able to take a lead in the mass transit sector by being in 10 cities in just 4 years in each of Egypt, Saudi Arabia, Kenya, Pakistan, the United Arab Emirates and Jordan. Swvl also plans to acquire a company in Europe, where more than 1.4 million passengers have booked more than 46 million trips so far, with thousands of drivers via its digital platform,” said Kandil mentioning that his company is empowering emerging market drivers, who often faced uncertainty over their revenues from current mass transit operations.”

“Swvl is preparing to take its next step in the development of its services. Its offers in the diverse areas of transport have been characterized by rapid development in just a few years, including daily commute and inter-city retail travel to transport as a service “Taas” for companies, schools, universities and other basic service institutions, which enabled Swvl, across more than 100 enterprises worldwide, from cost reduction through dynamic guidance, network planning and demand estimates, and optimal use of the vehicle fleet and transportation services.”

Kandil mentioned that Swvl seeks radical shifts in the global mass transit market, valued at about $1 trillion. Solutions that belonged to the company's intellectual property and are supported by the latest technologies contribute to meeting the challenges of supply and demand in the unregulated mass transport sector, thereby empowering communities that lacked it by providing efficient, appropriate and safe transport solutions at a reasonable cost.

In 2017, Mustafa Kandil and his colleagues founded Swvl in Egypt. Recently, Swvl was listed on the Nasdaq stock exchange, one of the world's largest exchanges. Swvl is a global tech company that provides an alternative to public transport for people who cannot afford to travel through private alternative transportation entirely.