The five-year ground handling agreement covers all commercial airports in Saudi Arabia and is renewable for another five years
flynas said it has signed a sale and purchase agreement (SPA) and a shareholders’ agreement to acquire a 10% of Swissport Saudi Arabia Limited for a total of SAR 50 million ($13.33 million), according to a statement to Tadawul. 
The transaction also includes a limited variable consideration linked to shares, calculated in accordance with the mechanism stipulated in the two agreements.
The shareholders’ agreement grants flynas a call option to acquire an additional 10% stake in Swissport Saudi Arabia upon renewal of the ground handling agreement.
As part of both agreements, flynas entered into a five-year ground handling agreement with Swissport Saudi Arabia to provide ground handling services at all commercial airports across the Kingdom.
The ground handling agreement will run from March 6, 2027, through March 5, 2032, with an option to renew for an additional five years by mutual agreement.
flynas said it issued a notice on Sept. 6, 2026, to terminate its existing agreement with Saudi Ground Services Co. (SGS), the current service provider, with the termination taking effect on March 6, 2027, in light of its exclusive agreement with Swissport Saudi Arabia as the new ground handling services provider.
flynas said completion of the transaction is subject to customary closing conditions and obtaining the required regulatory approvals, including approvals from the General Authority of Civil Aviation (GACA) and the General Authority for Competition (GAC).
The transaction will be financed from the company’s internal resources, and there are no related parties involved.
Upon commencement of the ground handling services agreement, Swissport Saudi Arabia will become flynas’ exclusive ground handling partner across its domestic network in the Kingdom.
Annual purchases under the ground handling agreement will likely represent around 5% of flynas’ revenue, broadly in line with the annual purchases under SGS existing agreement.
Swissport Saudi Arabia Limited provides passenger handling, ground operations management and supervision, ground transportation, cargo and baggage loading and unloading, and other ground handling services. It also operates canteens and cafeterias under concession arrangements at factories, offices and shopping centers.
Financial Statements
Period
Swissport Saudi Arabia Assets* (SAR mln)
As of May 31, 2026
203
Dec. 31, 2025
216
Dec. 31, 2024
118
* Based on unaudited financial statements as of May 31, 2026, and audited financial statements as of Dec. 31, 2025, and Dec. 31, 2024.
The company said it will announce any material developments related to the agreements or the acquisition in due course.
Transaction Details
Item
Details
Announcing Company
flynas
Target Company
Swissport Saudi Arabia Limited
Transaction Type
Signing a SPA and a shareholders’ agreement to acquire an ownership stake
Stake to Be Acquired
10% of Swissport Saudi Arabia Limited
Transaction Value
$13.33 million (SAR 50 million)
Additional Consideration
Limited variable consideration linked to the shares, calculated in accordance with the mechanism stipulated in the two agreements
Additional Call Option
The shareholders’ agreement grants flynas a call option to acquire an additional 10% stake upon renewal of the ground handling agreement
Transaction Date
Sept. 6, 2026
Financing Method
From the company’s internal resources
Related Parties
None
Sellers
Swissport International AG and Asyad Holding Co.
Buyer
flynas
Current Service Provider
Saudi Ground Services Co.
New Service Provider
Swissport Saudi Arabia Limited
Target Company’s Activities
Passenger handling, ground operations management and supervision, ground transportation, cargo and baggage loading and unloading, and ground handling services
Agreement Related to Transaction
Ground handling agreement with Swissport Saudi Arabia
Ground Handling Agreement Term
Five years
Ground Handling Agreement Start Date
March 6, 2027
Ground Handling Agreement End Date
March 5, 2032
Renewal Option
Renewable for an additional 5 years by mutual agreement
Scope of Ground Handling Agreement
Providing ground handling services at all commercial airports in Saudi Arabia
Transaction Completion Conditions
Fulfilling customary closing conditions and receiving the required regulatory approvals
Required Regulatory Approvals
GACA GAC
Annual Purchases Under New Agreement
Around 5% of flynas’ revenue
Annual Purchases Under Existing Agreement
Around 5% of flynas’ revenue
The five-year ground handling agreement covers all commercial airports in Saudi Arabia and is renewable for another five years
flynas said it has signed a sale and purchase agreement (SPA) and a shareholders’ agreement to acquire a 10% of Swissport Saudi Arabia Limited for a total of SAR 50 million ($13.33 million), according to a statement to Tadawul.
The transaction also includes a limited variable consideration linked to shares, calculated in accordance with the mechanism stipulated in the two agreements.
The shareholders’ agreement grants flynas a call option to acquire an additional 10% stake in Swissport Saudi Arabia upon renewal of the ground handling agreement.
As part of both agreements, flynas entered into a five-year ground handling agreement with Swissport Saudi Arabia to provide ground handling services at all commercial airports across the Kingdom.
The ground handling agreement will run from March 6, 2027, through March 5, 2032, with an option to renew for an additional five years by mutual agreement.
flynas said it issued a notice on Sept. 6, 2026, to terminate its existing agreement with Saudi Ground Services Co. (SGS), the current service provider, with the termination taking effect on March 6, 2027, in light of its exclusive agreement with Swissport Saudi Arabia as the new ground handling services provider.
flynas said completion of the transaction is subject to customary closing conditions and obtaining the required regulatory approvals, including approvals from the General Authority of Civil Aviation (GACA) and the General Authority for Competition (GAC).
The transaction will be financed from the company’s internal resources, and there are no related parties involved.
Upon commencement of the ground handling services agreement, Swissport Saudi Arabia will become flynas’ exclusive ground handling partner across its domestic network in the Kingdom.
Annual purchases under the ground handling agreement will likely represent around 5% of flynas’ revenue, broadly in line with the annual purchases under SGS existing agreement.
Swissport Saudi Arabia Limited provides passenger handling, ground operations management and supervision, ground transportation, cargo and baggage loading and unloading, and other ground handling services. It also operates canteens and cafeterias under concession arrangements at factories, offices and shopping centers.
Financial Statements
Period
Swissport Saudi Arabia Assets* (SAR mln)
As of May 31, 2026
203
Dec. 31, 2025
216
Dec. 31, 2024
118
* Based on unaudited financial statements as of May 31, 2026, and audited financial statements as of Dec. 31, 2025, and Dec. 31, 2024.
The company said it will announce any material developments related to the agreements or the acquisition in due course.
Transaction Details
Item
Details
Announcing Company
flynas
Target Company
Swissport Saudi Arabia Limited
Transaction Type
Signing a SPA and a shareholders’ agreement to acquire an ownership stake
Stake to Be Acquired
10% of Swissport Saudi Arabia Limited
Transaction Value
$13.33 million (SAR 50 million)
Additional Consideration
Limited variable consideration linked to the shares, calculated in accordance with the mechanism stipulated in the two agreements
Additional Call Option
The shareholders’ agreement grants flynas a call option to acquire an additional 10% stake upon renewal of the ground handling agreement
Transaction Date
Sept. 6, 2026
Financing Method
From the company’s internal resources
Related Parties
None
Sellers
Swissport International AG and Asyad Holding Co.
Buyer
flynas
Current Service Provider
Saudi Ground Services Co.
New Service Provider
Swissport Saudi Arabia Limited
Target Company’s Activities
Passenger handling, ground operations management and supervision, ground transportation, cargo and baggage loading and unloading, and ground handling services
Agreement Related to Transaction
Ground handling agreement with Swissport Saudi Arabia
Ground Handling Agreement Term
Five years
Ground Handling Agreement Start Date
March 6, 2027
Ground Handling Agreement End Date
March 5, 2032
Renewal Option
Renewable for an additional 5 years by mutual agreement
Scope of Ground Handling Agreement
Providing ground handling services at all commercial airports in Saudi Arabia
Transaction Completion Conditions
Fulfilling customary closing conditions and receiving the required regulatory approvals
Required Regulatory Approvals
GACA GAC
Annual Purchases Under New Agreement
Around 5% of flynas’ revenue
Annual Purchases Under Existing Agreement
Around 5% of flynas’ revenue
