ASYAD to acquire a 49% stake in Saudi Arabia business of Swissport.

ASYAD, a holding company that provides real estate development and financial investment services, agreed to acquire a 49% stake in Saudi Arabia business of Swissport, a provider of air transportation services. Financial terms were not disclosed. "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. 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," Warwick Brady, Swissport President and CEO.