Swvl Holdings Corp (Nasdaq: SWVL) has secured a working capital facility with Zelo, marking the company's first such arrangement in the United Arab Emirates, according to a press release from the Dubai-based mobility company.

The facility is intended to provide liquidity to fund the launch of new enterprise accounts in Swvl's UAE pipeline. The company said proceeds are expected to be directed toward client acquisition and expansion in the UAE market.

Swvl said it relaunched in the UAE in December 2024 and has since recorded approximately 5x revenue growth in the GCC market. The company also recently announced a five-year enterprise contract valued at up to $5.5 million in the region.

The company said its UAE enterprise deployments span multiple industries, including e-commerce warehousing, manpower and security services, and healthcare.

"The UAE is one of our most important and fastest-growing markets, and access to local, scalable working capital is a key enabler of our next phase of growth," said Mostafa Kandil, Chief Executive Officer of Swvl. "This facility with Zelo allows us to move quickly on the strong pipeline we have built, launching new enterprise accounts with the liquidity they require, while staying disciplined and asset-light."

Ahmed Misbah, Chief Financial Officer of Swvl, said the facility is structured to match short-term financing to the working capital needs of new deployments to accelerate revenue conversion.

Zelo is a working capital financing platform backed by International Holding Company (ADX: IHC) and is licensed by the Abu Dhabi Global Market's Financial Services Regulatory Authority. The company said it has funded over 12,000 transactions across the UAE economy.

Swvl operates technology-enabled transportation networks for enterprises and governments across Egypt, Saudi Arabia, the UAE, Kuwait, Qatar, the United Kingdom, and the United States.