Emirati investor to bid for Israel’s Israir

Building on the recent normalisation of ties between the United Arab Emirates and Israel, and hopeful to capitalise on the forthcoming flights between the two countries, Dubai-based NY Koen Group has announced its intention to bid for Israir (6H, Tel Aviv Sde Dov). “Israir is planning to start flying to Dubai and Abu Dhabi Int’l, and NY Koen Group as one of the most trusted, experienced and well-known companies in the area, is in a unique position to develop Israir and allow the Israeli airline to expand its operations in the area… Purchase/investment in Israeli aviation by a UAE-based business would help cement the peace accord. NY Koen Group hopes that this will pave the way for future business between Israel and the United Arab Emirates,” the Emirati firm said. NY Koen Group is a privately-held investment holding which owns, among multiple other companies in various countries, Dubai-based business charter facilitator Aero Private Jet. The company does not have its own Air Operator’s Certificate (AOC) but relies on business aircraft operated by various other airlines for its customers. IDB Development, the indebted holding group that owns Israir, is currently hunting for investments to keep it and the airline afloat. It is planning to auction off its stake to the highest bidder. In early October, discount-supermarket mogul Rami Levy submitted, together with businessmen Shalom and Dror Haim, a ILS70 million shekel (USD20.5 million) bid to buy the carrier. The value of NY Koen Group’s proposal was not disclosed. The bidding period for Israir ends on November 8, 2020.