Flynas buys 10% of Swissport Saudi Arabia ground game

Flynas is taking equity in its ground handler: Saudi budget carrier Flynas is acquiring a 10% stake in Swissport Saudi Arabia for SAR 50 mn (c. USD 13.3 mn) from existing shareholders Swissport International and Asyad Holding, according to a Tadawul disclosure. Flynas holds a call option to acquire another 10% if the two renew their commercial agreement, and the acquisition is funded from Flynas’ own resources, subject to regulatory approval.

The equity comes bundled with exclusivity: Alongside the stake purchase, Swissport secured a five-year agreement to become Flynas’ exclusive ground-handling partner across its domestic Saudi network from 6 March 2027 through 5 March 2032, renewable for another five years. Annual purchases under the contract are expected to represent around 5% of Flynas’ revenue.

Goodbye SGS, hello Swissport? The airline has notified Saudi Ground Services (SGS) that it will terminate its agreement, with the existing contract running until 5 March 2027 — when new Swissport takes over. Renewed in 2024 for five years at an expected value of around SAR 2 bn, the contract was projected to generate around SAR 306 mn for SGS in 2026.

Swissport 💙 KSA: Asyad Holding acquired a 49% stake in Swissport in 2023 — an agreement explicitly aimed at accelerating the ground handler’s growth in the Kingdom. At the time, Swissport operated at five major Saudi airports; by June 2025, its network had expanded to 13 airports. The new Flynas agreement goes further by covering ground handling across all commercial airports in the Kingdom.