Flynas buys minority stake in Swissport Saudi Arabia
Saudi budget carrier Flynas is taking a shareholding in the local arm of ground-handling firm Swissport, with an option to increase it, and will use the company exclusively for five years.
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Flynas is taking a 10% stake in Swissport Saudi Arabia, with an option to raise that holding to 20%. Under the agreement, Swissport Saudi Arabia will be Flynas's exclusive handling partner for five years across its network in the kingdom. No financial terms were disclosed.
Swissport said its share of the Saudi ground-handling market will rise to about 40% as a result. Flynas chair Ayed Al Jeaid called the investment a strategic extension of operations, pointing to the carrier's fleet and network expansion. Swissport International chief Warwick Brady said the tie-up strengthens the company's position in the region's largest aviation market.
The transaction follows Flynas's July order for five Airbus A330neos and 20 A321neos, which brought its total Airbus orders to more than 230.
Sources
- flightglobal.comSaudi budget carrier Flynas takes equity stake in local handling arm of Swissport