Saudi Ground Services Renews Contract with Flyadeal for SAR 800 million

Saudi Ground Services Company (SGS) has announced that its Board of Directors has approved the renewal of a contract with Flyadeal. Under this renewed agreement, SGS will continue to provide comprehensive ground handling services for Flyadeal’s domestic and international flights, encompassing apron services and passenger services at all airports within the Kingdom.

As per the company’s statement on Tadawul, the contract holds a substantial value of approximately SAR 800 million and spans a duration of three years. The financial impact of this renewal is highlighted as the sustained revenue for SGS throughout the contract period.

The company has clarified the presence of related parties in this transaction, specifically mentioning Captain Fahd Hamza Sindi and Nasser Farouk Alqawas, who are members of the Board of Directors. It is noted that these board members also hold executive positions in the Saudi Airlines Group and its subsidiaries, which collectively own 100% of Flyadeal’s capital.