Dubai transport start-up Swvl sees more customers ditch cars for buses

FILE PHOTO: A woman walks past a vehicle with a logo of the Egyptian transport technology start-up Swvl, parked along a road in Islamabad, Pakistan, November 11, 2019. REUTERS/Akhtar Soomro/

DUBAI (Reuters) - Higher oil prices have helped Dubai-based transport startup Swvl attract customers as people in its bigger markets such as Egypt and Pakistan ditch their cars in favour of buses, Chief Financial Officer Youssef Salem told Reuters.

The Nasdaq-listed company has however aggressively cut costs and put some business expansion plans on hold as it steers a path towards profitability next year to appease investors in the wake of higher inflation and interest rates.