The Egyptian Exchange (EGX) welcomed SWVL team to its premise, celebrating its listing at NASDAQ in New York in the presence of Dr. Hala Al Said Minister of Planning and Economic Development, Ambassador Nabila Makram Minister of Immigration, Dr. Jehan Saleh economic advisor to the Prime Minister, and representatives of a number of Egyptian startups and investment funds.
SWVL celebrated commencing of trading on NASDAQ, becoming the first technology-based mass transportation company to be listed in stock market worldwide, and the second Middle East Company to be listed on NASDAQ.
Dr. Mohamed Farid, Executive Chairman of The Egyptian Exchange (EGX), said that SWVL is an Egyptian-Arab success story that can be reiterated by qualified Egyptian startups, explaining that the past period has seen modifications to the listing rules of EGX, allowing the listing of companies established for the purpose of private acquisition, a step that provides a solution for startups, especially those with an entrepreneurial component to benefit from all services provided by the financial market.
Dr. Farid congratulated the SWVL team for a crucial step for the growth and development of the company. SWVL was founded in Egypt and started to be a global company today. He added that the coming period will witness steps taken for listing on EGX.
Dr. Hala Al Said, Minister of Planning and Economic Development, said that we are witnessing today an Egyptian company becoming a global one, which confirms that Egypt has the ingredients and qualifications for progress and grow, stressing that the government is currently working to take all necessary measures towards creating conditions and a general climate attractive and supportive private sector investments specially entrepreneurship sector.
Ambassador Nabila Makram, Minister of Immigration and Egyptian Affairs Abroad, said that SWVL, is an inspiring success story for all Egyptians to excel and be ambitious to realize their dreams.
Mustafa Qandil, founder and CEO of Swvl, said that listing on NASDAQ is a milestone for the company and the sustainable mass transport worldwide, stressing that ease of movement - and the subsequent empowerment of different segments of society - is a fundamental right for all and a shared responsibility of governments and the private sector. Qandil added SWVL transformation to a public joint stock company enhances its ability to achieve high growth rates in its target to provide smart transportation services at a competitive cost that is safe, comfortable and sustainable in its current and targeted markets.
Qandil concluded that he is proud that SWVL started from Egypt, and was able to break into a number of markets worldwide, stressing that the field of entrepreneurship, innovation and information technology in Egypt is characterized by the abundance of qualified calibers.
