Prime Minister Mostafa Madbouly received on Tuesday the Egyptian entrepreneur Mostafa Kandil, CEO of Swvl, a company specialized in the field of mass transportation.
Madbouly stressed that the government encourages all innovative Egyptian youth, and are fully prepared to support the company, wishing to see thousands of companies in Egypt such as "Swvl".
Kandil said that he is currently the second youngest CEO of a company on the "NASDAQ" stock exchange, explaining that the company's value is currently at $1.5 billion.
He continued, "We seek to increase this value to reach $15 billion during the next year," adding that the Egyptian market is full of perse investment opportunities, and this is evident through the inspiring success stories of many startups in various fields.
He added that "Swvl" is keen to expand its investment activity in the Egyptian market, as it realizes that the transport sector is a vital in the development plan that the state is currently undertaking, pointing to the process of government transition to the new administrative capital, and the required road and transportation network that can Facilitate the movement of citizens to and from it, as well as residential urban expansions in new cities, which also need more means of transportation.
The CEO of the ride-sharing company said that the company intends 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.
It is noteworthy that the “Swvl” was founded by Kandil with his colleagues in Egypt in 2017, affording travel via alternative private transportation in several countries.
Swvl is a global tech startup based in Dubai that provides a semi-private alternative to public transportation for inpiduals who cannot afford or access private options.
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