Sky One Expands Global Presence: Signs MoU to Acquire Stake in Libya’s FLY OYA

In a strategic move to enhance its aviation portfolio, UAE-based Sky One has inked a Memorandum of Understanding (MoU) signaling its intent to acquire a “substantial stake” in Libya’s FLY OYA (YI, Tripoli Mitiga). The Sharjah-based holding company, known for its diverse aviation ventures, is set to solidify its presence in the African market, subject to the finalization of terms yet to be disclosed.

Sky One Chairman Jaideep Mirchandani expressed the significance of this potential partnership, stating, “FLY OYA is a significant property with sizeable assets that we have acquired. We see FLY OYA as an integral part of our journey to enhance our aviation offering throughout the globe.”

While the exact size of the stake and the financial details remain undisclosed, FLY OYA operates a fleet comprising one A320-200 and one A330-200, with the latter leased from Sky One. The Libyan carrier provides domestic services within Libya and scheduled flights connecting Tripoli Mitiga to destinations such as Tunis, Istanbul Airport, Alexandria Borg el Arab, and Dubai World Central. Additionally, it operates flights from Misurata to Tunis.

This announcement comes as Sky One makes waves at the Dubai Airshow 2023, not only revealing its strategic move into the Libyan market but also unveiling the acquisition of Romanian groundhandling provider Uplift Airport Services. Uplift Airport Services operates at key Romanian airports, including Bucharest Henri Coanda, Cluj-Napoca, Bacau, and Iasi.

Sky One’s diverse portfolio includes aircraft ownership and management, along with various aviation services such as maintenance, spare parts, consulting, and brokerage. The company also supports two passenger carriers, Aero Nomad in Kyrgyzstan and Zooom Airlines in India.

While specific details about Sky One’s plans for FLY OYA are yet to be disclosed, the company has affirmed its commitment to further acquisitions, signaling a dynamic and expansive strategy in the evolving aviation industry. As Sky One continues to broaden its global footprint, industry observers await additional developments and insights into the company’s strategic vision for the future.