Asyad Holding Group has inked a binding agreement to acquire a 49% stake in SwissportInternational’s Saudi division, according to a press release (pdf). The acquisition by family-owned multi-sector player Asyad still needs regulatory clearance in Saudi Arabia, the release adds. The value of the acquisition and the timeline of its completion were not disclosed.

The transaction is expected to fund the growth of Swissport’s Saudi division: “We expect that the collaboration with a strong national partner will accelerate our growth in this fast-growing market,” President and CEO of Swissport International Warwick Brady said. Swissport is looking to expand its air cargo handling, airport ground services, and lounge operations in the Kingdom, particularly in cooperation with Saudi-based carriers, the statement explained.

What’s Swissport Saudi Arabia? Cargo handling and airport ground services provider Swissport first entered KSA market in 2016, when it kicked off operations in Riyadh and Jeddah. The company now provides passenger and ramp handling services at five major airports in Riyadh, Jeddah, Dammam, Medina, and Buraidah. 2022 saw Swissport Saudi Arabia serve some 5 mn passengers and handle 20k aircraft, the statement said.

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