Swissport International and ASYAD Holding have signed binding transaction agreements over the sale of a stake in Swissport Saudi Arabia.
The transaction involves the sale by Swissport International of a 49% stake of Swissport Saudi Arabia to ASYAD, a diversified, family-owned Saudi holding group with significant business activities in and outside Saudi Arabia across multiple sectors including aviation and infrastructure. The new strategic partnership underlines Swissport's commitment to Saudi Arabia and is aimed at further accelerating the company’s growth in the largest economy in the Middle East. Swissport plans to further expand its Saudi presence in air cargo handling, airport ground services and in the lounge hospitality business, in particular also with Saudi carriers.
The closing of the transaction is subject to satisfactory completion of the regulatory process in Saudi Arabia.
"The partnership with ASYAD is a milestone in the development of Swissport in Saudi Arabia. We expect that the collaboration with a strong national partner will accelerate our growth in this fast-growing market. It will enable both partners to better participate in the vast potential we see in Saudi Arabia,” said Warwick Brady, president and CEO of Swissport International.
Swissport has been present in Saudi Arabia since 2016 when it started its operations in Riyadh and Jeddah. Dammam joined the network in 2016. The company now provides passenger services and ramp handling at five airports across the kingdom: King Abdulaziz International Airport in Jeddah; King Fahd International Airport in Dammam; Prince Mohammad Bin Abdulaziz International Airport in Medina; King Khalid International Airport in Riyadh; and Prince Naif bin Abdulaziz International Airport in Buraidah.
Image: Swissport
