ASYAD to take 49% stake in Swissport Saudi Arabia

Swissport International has signed a binding transaction agreement to sell a 49% stake in Swissport Saudi Arabia to Saudi ASYAD Holding.

The partners say they will jointly drive the development and growth of the aviation ground services sector in Saudi Arabia towards achieving Vision 2030.

Swissport says the partnership underlines its commitment to Saudi Arabia and is aimed at further accelerating growth in the country.

It plans to further expand its presence in cargo handling, ground services and in the lounge hospitality business.

Warwick Brady, President and CEO of Swissport International, said: “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.”

Osama Al Sayed, Chairman of ASYAD, added: “Swissport is a great brand to partner with. This team-up between Swissport and ASYAD will bolster the capabilities of Swissport Saudi Arabia and place it in a strong position to contribute toward Vision 2030 and to deliver the quality and capacity required for the forecasted growth in the Saudi aviation sector.”

Swissport started operating in Saudi Arabia in 2016 and now provides passenger services and ramp handling at King Abdulaziz International Airport in Jeddah, King Fahd International Airport in Dammam, Prince Mohammed Bin Abdulaziz International Airport in Medina, King Khalid International Airport in Riyadh and Prince Naif bin Abdulaziz International Airport in Buraidah.

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