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  • Writer's pictureTeam CargoTalk

ASYAD Holding buys 49% stake in Swissport Saudi Arabia

Swissport International AG and Saudi ASYAD Holding signed an agreement for sale of 49 per cent stake in Swissport Saudi Arabia to ASYAD. Warwick Brady, President and CEO, Swissport International AG said,“We are embarking on a partnership to drive the development and growth of the aviation ground services sector in the Kingdom of Saudi Arabia towards achieving Vision 2030. Swissport International AG and ASYAD have signed a binding transaction pacts to unlock the potential of KSA’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 KSA across multiple sectors, including aviation and infrastructure.” The partnership underlines Swissport’s commitment to KSA and is aimed at accelerating the company’s growth in the largest economy in the Middle East. Swissport plans to expand its presence in air cargo handling, airport ground services and in the lounge hospitality business, and with KSA carriers. “The partnership with ASYAD is a milestone in the development of Swissport in KSA. We expect 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.”

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