Swissport divests 49% stake in Saudi unit to Asyad Holding
Swissport provides passenger services and ramp handling at five airports in Saudi Arabia
Swissport International and Saudi Arabia-based 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," says a release from Swissport.
"The partnership with Asyad is a milestone in the development of Swissport in Saudi Arabia," says Warwick Brady, President and CEO, Swissport International. "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."
Osama Al Sayed, Chairman, Asyad adds: "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 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 International provided ground services for some 186 million airline passengers (2021: 97 million) and handled roughly 4.8 million tonnes of air freight (2021: 5.1 million tonnes) at 117 air cargo centres worldwide, the release added.