These 5 Companies Recently Announced Layoffs, Hiring Freeze Amid Recession Fears

2. Swvl Holdings Corp. (NASDAQ:SWVL)

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Swvl Holdings Corp. (NASDAQ:SWVL) offers mass ridesharing services, through B2C Swvl Retail, Swvl Travel, and Swvl Business segments. The company was founded in 2017 and is headquartered in Dubai, the United Arab Emirates. At the end of May, two months after listing publicly on the NASDAQ, the company reported that it plans to let go of 32% of its workforce. This means about 400 people will be laid off. 

Although Swvl Holdings Corp. (NASDAQ:SWVL) has expanded largely by acquiring several ridesharing companies, the management claims that in order to control expenses and retain profitability amid the tech selloff, the company plans to replace jobs that can be automated through tech investments in the engineering, product, and support functions teams. Although the company has presence in 13 global markets, the layoffs are concentrated in its Dubai and Pakistan offices.