SWVL, an Egyptian-born, Dubai-based mobility business, said today that it will lay off 32 percent of its workers. According to the company's LinkedIn site, it employs over 1,330 people. As a result of the layoffs of more than 30% of the staff, almost 400 individuals would lose their jobs at the mobility company. In recent months, both private and public internet companies have seen their valuations plummet. The impacts of the economic downturn have also had an influence on company budgets, pushing companies to cut expenditures, with laying off staff at the top of the list. The Dubai-based startup's restructuring
Just five years after joining the AUC Venture Lab as a budding startup, Swvl has made its debut on the Nasdaq –– the first Egyptian unicorn, first V-Lab graduate and first North African tech startup to list on the U.S. stock exchange.