A SAR 120 million acquisition gives the Saudi company its first operating base outside the Kingdom within one of Europe’s most important freight corridors

Riyadh | BETH

Saudi Logistics Services Company, SAL, has completed the acquisition of the entire share capital of Belgium’s Aviapartner Liège for approximately SAR 120 million, equivalent to €28 million, in an all-cash transaction funded from the company’s internal resources following the completion of regulatory approvals.

The acquisition marks SAL’s first operational presence outside Saudi Arabia, expands its network to 20 stations, and gives it a direct base at Belgium’s Liège Airport, one of Europe’s largest air cargo hubs.

The significance of the transaction, however, lies not only in its value, but in the position SAL has acquired within the map of European trade.

Why Liège?

Liège Airport is Europe’s fifth-largest airport by cargo volume. It handles more than one million tons annually and ranks among the world’s 25 largest cargo airports.

Cargo traffic at the airport has grown by more than 50% since 2018. The airport also operates around the clock without nighttime flight restrictions, an important advantage for fast and time-sensitive shipments.

Liège is also located within Europe’s freight “Golden Triangle,” a region through which more than 70% of the continent’s goods flow and which provides rapid road access to Germany, the Netherlands, France, and Luxembourg.

This means that SAL has not merely acquired a presence in Belgium. It has secured an operating point close to Europe’s largest industrial and consumer markets.

What Did SAL Acquire?

SAL did not acquire the airport or all its facilities. It acquired a specialized operating company with established relationships and accumulated expertise within Liège’s cargo ecosystem.

Aviapartner Liège provides cargo handling, ramp assistance, warehousing, and specialist freight-processing services. Its operations cover pharmaceuticals, perishables, automotive parts, and other high-value goods.

The company also benefits from the Aviapartner Group’s nearly 60 years of experience at Liège Airport and its relationships with airlines, freight forwarders, and logistics providers.

SAL therefore gains established operations, customers, and operating expertise from the first day, rather than having to build new facilities, search for clients, and wait for licenses to be completed.

From Destination to Origin

SAL previously managed the movement of goods as they arrived at or departed from Saudi airports.

Today, it is moving to an earlier point in the supply chain by establishing a presence within the market from which European goods originate.

This gives the company greater ability to manage the entire journey, from receiving, handling, storing, and preparing the shipment in Europe to transporting it to Saudi Arabia or other markets and then distributing it through its domestic network.

This is the most important transformation created by the transaction:

The Saudi company no longer waits for the shipment at its destination; it is now present at its point of origin.

A Saudi-European Corridor

The Liège base can support the development of a more integrated logistics corridor connecting Europe with Saudi airports and logistics zones, particularly for shipments requiring speed and precision, such as pharmaceuticals, food products, spare parts, and industrial components.

The transaction also gives SAL an opportunity to expand its relationships with airlines and freight forwarders that do not currently work with it inside the Kingdom and to provide services to them across more than one market.

This expansion gains additional importance amid disruptions to maritime corridors, as companies seek multimodal networks capable of combining air, land, and sea transport and switching between them when one route is disrupted.

This does not mean that air cargo will replace maritime shipping, but it becomes more important for high-value or time-sensitive goods.

The Scale of the Transaction

The SAR 120 million value of the transaction appears modest compared with major Saudi global acquisitions.

However, it demonstrates clear investment discipline. It is funded in cash from SAL’s internal resources and gives the company an operating asset in an advanced market, established customer relationships, specialized expertise, and an opportunity to grow alongside the airport’s expansion.

The company also has a strong cash position that supports the implementation of its plans, alongside its investments in cargo handling, logistics zones, digitalization, and fleet requirements, according to its results for the first half of 2026.

The transaction therefore appears closer to the purchase of an expansion platform than the acquisition of a single company.

After the Acquisition

Liège Airport’s management is developing the CargoLand project to expand warehouses and facilities with direct access to aircraft aprons, as part of an ambition to nearly double capacity and annual flight movements by 2040.

This gives SAL room to grow within the airport itself without having to search immediately for another European base.

The transaction’s success, however, will depend on the company’s ability to integrate operations, retain customers, address European competition, and improve service quality without increasing costs.

The true test will also lie in the volume of new cargo traffic that SAL can direct between Liège and Saudi Arabia, rather than in ownership of the European base alone.

Beyond the Acquisition

The transaction aligns with the National Transport and Logistics Strategy, which seeks to transform Saudi Arabia into a global hub connecting three continents.

Building a global hub, however, cannot be achieved solely by developing airports and ports within the Kingdom. It also requires a presence at points of trade beyond its borders.

A powerful logistics hub does not wait for goods to pass through it; it participates in organizing their route from the point of departure.

Liège could therefore become an initial model for further Saudi expansion into other international cargo centers if the transaction proves capable of increasing customers, revenue, and cargo flows toward the Kingdom.

Conclusion

SAL has entered Europe through a gateway that is modest in value but significant in location.

The SAR 120 million did not merely purchase a Belgian cargo-handling company. It acquired a base within one of Europe’s busiest freight corridors, established operating relationships, expertise in specialist cargo, and a position at the point of origin of trade.

If the company succeeds in connecting Liège with its Saudi network and logistics zones, it will move from providing services within airports to participating in the management of supply chains between continents.

On the surface, it is an acquisition of a company. In essence, it is an acquisition of a position within the movement of global trade.