NY Koen Group, a Dubai-based holding company, will seek to purchase Israir, Israel’s third-largest airline, at an auction, it said on Wednesday.
Aero Private Jet, a subsidiary of NY Koen Group, will make the bid. The company works with operators and private business jet owners around the world with access to over 7,000 planes and 4,000 airports.
“Our team organises flights of any complexity within a very short space of time and we have a great deal of experience working with extremely short deadlines,” said Naum Koen, founder of the NY Koen Group.
Entities in the UAE and Israel have struck several agreements after diplomatic relations were normalised last month.
The forging of ties is expected to boost trade and investment in a number of sectors such as aviation, financial services, security, telecoms, technology and tourism.
Agreements have already been signed by UAE banks and Israeli lenders, and by Dubai-based port operator DP World with the co-owner of the Port of Eilat and Israel Shipyards. The Abu Dhabi Investment Office also said it will open its first international office in Tel Aviv.
El Al Israel Airlines operated the country's first official flight to the UAE on August 31 and Israir plans to start commercial flights to Dubai and Abu Dhabi soon.
NY Koen Group will be “in a unique position to allow the Israeli airline to expand its operations”, the company said.
According to a Reuters story in September, Israir has reserved slots for commercial flights from Tel Aviv to the UAE. An Israir spokeswoman said they applied for permission from civil aviation authorities for the flights and booked departure and arrival slots at Tel Aviv’s Ben Gurion Airport as they await approval.
The airline booked eight round-trip flights from Tel Aviv to Dubai International Airport throughout October, according to a flight timetable on the Israel Aviation Authority’s website, according to Reuters.
Israir Airlines is the biggest tour operator in Israel and curates travel packages to the Mediterranean and Europe. It also enables flight and hotel bookings, transfers and other ground services.
The airline operates scheduled and chartered flights to destinations across Europe and flies more than a million passengers per year
NY Koen Group was established in 2003 and its subsidiary companies are involved in various sectors, including jewellery and diamond manufacturing, private aviation, digital technologies, construction and security, among others.