Swvl Holdings Corp (NASDAQ:SWVL) shares are trading higher by 45% to $4.42 during Wednesday's session after the company announced it secured $2.6 million in new annual contracts in Saudi Arabia.

What Else: Swvl says the contracts in Saudi Arabia during the third quarter of 2024 added $2.6 million in annual contract value, approximately 10% of its 2023 revenue.

This led to a sixfold increase in gross profit in Saudi Arabia compared to the first quarter of 2023. The contracts align with Swvl's strategy to expand in Saudi Arabia, its fastest-growing market, by offering transportation solutions to businesses and government entities.

Swvl says the company will provide both managed services and SaaS-based solutions in Riyadh, Dammam, Madina and Jubail, focusing on sectors like education, food and beverage, healthcare and construction.

Swvl's CEO, Mostafa Kandil, emphasized the company's commitment to solving mobility challenges and improving safety in schools. This expansion is part of Swvl's broader strategy to grow globally by offering technology-driven transit solutions.

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How To Buy SWVL Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Swvl Hldgs' case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

According to data from Benzinga Pro, SWVL has a 52-week high of $21.94 and a 52-week low of $0.71.