Saudi low-cost carrier flynas is no longer defining its growth by the aircraft it adds or the destinations it reaches, but also by the strength of the infrastructure supporting every journey once the wheels touch the ground.
Investing in Ground Operations
Supporting this vision, flynas has agreed to acquire a 10 percent stake in Swissport Saudi Arabia for $13.33 million, pairing the investment with a five-year ground-handling partnership across its domestic network.
With an option to raise its holding to 20 percent upon renewal of the five-year agreement, the arrangement signals a deeper strategic alignment between the fast-growing carrier and one of the Kingdom’s expanding aviation-services providers.
A New Ground-Handling Era
Once implemented, the deal will expand Swissport’s role well beyond individual airport operations, positioning the company as flynas’ exclusive ground-handling partner across its domestic network in Saudi Arabia.
Signed on September 6, the transaction will be financed from flynas’ internal resources.
Meanwhile, the deal remains subject to customary closing conditions alongside approvals from the General Authority of Civil Aviation and the General Authority for Competition before it can be completed.
Crucially, the five-year agreement will take effect on March 6, 2027, and remain in place through March 5, 2032, with the possibility of leaving room for another five years by mutual agreement.
The transition will mark the end of flynas’ current ground-handling arrangement with Saudi Ground Services Co., following the termination notice issued by the airline on September 6. That agreement will conclude when the Swissport contract begins on March 6, 2027.
Flynas estimates that its annual purchases under the Swissport agreement will amount to approximately 5 percent of its revenue. However, it has not disclosed an absolute value on the contract.
Inside the Acquisition Terms
The stake will be acquired from Swissport International AG and Asyad Holding, the existing shareholders of Swissport Saudi Arabia.
In addition to the fixed price, flynas will pay a small variable equity consideration based on the terms of the agreements.
Meanwhile, Swissport Saudi Arabia provides passenger handling, ground management, transportation, cargo and baggage handling, as well as other airport services.
More significantly, its total assets reached SR203 million ($54 million) at the end of May, compared with SR216 million at the end of 2025 and SR118 million a year earlier.
Swissport’s Saudi Expansion Accelerates
The agreement also reflects Swissport’s expanding presence in the Kingdom.
Flynas’ 2025 IPO prospectus identified Saudi Ground Services as the only provider then covering all airports in Saudi Arabia, while Swissport operated at a more limited number of locations.
By June 2025, Swissport had expanded its network to 13 Saudi airports.
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