Swissport International is selling a minority stake in Swissport Saudi Arabia to Saudi business portfolio ASYAD Holding in a bid to further expand its Saudi presence in air cargo handling.
The Swiss aviation services company has signed binding transaction agreements with ASYAD Holding for the sale of a 49% stake in Swissport Saudi Arabia to ASYAD.
The strategic partnership aims to harness the growth potential of Saudi Arabia’s aviation ground services sector over the coming years.
The partnership 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 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 chief executive of Swissport.
“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.”
Osama Al Sayed, chairman of ASYAD, commented: “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 has been present in Saudi Arabia since 2016 when it started its operations in Riyadh and Jeddah. Dammam joined the network in 2016.
Swissport has since gradually developed its business from a greenfield start-up into an established organisation with a broad customer base of regional and international carriers.
Currently, Swissport provides passenger services and ramp handling at five airports: 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.
In 2022, Swissport in Saudi Arabia served 5.14m passengers and handled 19,900 aircraft.
Asyad Holding Group is based in the Red Sea port city of Jeddah, Saudi Arabia and comprises a diversified portfolio of wholly-owned companies, joint-ventures, investments, financial holdings and real estate projects.
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