Swissport International is selling a minority stake in Swissport Saudi Arabia to ASYAD Holding as it seeks to further expand its Saudia presence in air cargo handling.

The announcement said Swissport International AG and the Saudi ASYAD Holding signed binding transaction agreements for the sale of a 49% stake in Swissport Saudi Arabia to ASYAD.

The strategic partnership aims to drive the development and growth of the aviation ground services sector in Saudi Arabia.

Swissport, also underlines its 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 Swiss aviation services company.

The closing of such a 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. 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 CEO of Swissport International AG.

"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," he added.

For his part, Osama Al Sayed, chairman of ASYAD, noted that 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," he said of the acquisition of a substantial minority stake in Swissport Saudi Arabia.

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 organization 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 5.14 million passengers and handled 19,900 aircraft.