Swissport International AG and the Saudi ASYAD Holding, signed binding transaction agreements for the sale of a 49 percent stake in Swissport Saudi Arabia to ASYAD.
The two partners are embarking on a strategic partnership to jointly drive the development and growth of the aviation ground services sector in Saudi Arabia towards achieving vision 2030.
Swissport International AG and ASYAD have signed binding transaction agreements to unlock the enormous growth potential of Saudi Arabia’s aviation ground services sector over the coming years.
The transaction involves the sale by Swissport International of a 49 per cent 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 such 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,” says Warwick Brady, President and CEO of Swissport International AG.
“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.
“The partnership will support our strong track record in Saudi Arabia since we successfully entered the market in 2016. Even amidst existential challenges during the COVID-19 pandemic, Swissport stood firm and continued to build a robust and successful business in the region.
“Today, we are proud to be among the leading handlers in the Saudi aviation services sector.”
Mr. Osama Al Sayed, Chairman of ASYAD, commented on acquiring a substantial minority stake in Swissport Saudi Arabia: “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.”