UAE-based NY Koen Group in Talks to buy Israeli Airline Israir

Published October 26th, 2020 - 12:00 GMT
UAE-based NY Koen Group in Talks to buy Israeli Airline Israir
Negotiations between the two sides began in Dubai on October 20 between owner of NY Koen Group Naum Koen and Assaf Zur, Chief Financial Officer (CFO) of Israir, in addition to Avivit Peleg, Vice President, Leisure Groups Purchasing and Operations. (Shutterstock)
Highlights
The opportunity for a UAE-based company to buy Israir comes following the signing of a normalization agreement between Israel and the UAE.
The United Arab Emirates-based company NY Koen Group has announced that negotiations for purchase have commenced with representatives from the Israeli airline Israir, the third largest airline in Israel, according to a press release from the company Sunday.

Negotiations between the two sides began in Dubai on October 20 between owner of NY Koen Group Naum Koen and Assaf Zur, Chief Financial Officer (CFO) of Israir, in addition to Avivit Peleg, Vice President, Leisure Groups Purchasing and Operations.
 
 
“I’m happy to disclose that the negotiations are going well,” commented Koen. “We’re currently reviewing details regarding corporate objectives and the financial state of Israir. Both NY Koen Group and Israir are excited about the future potential of this purchase and are eager to have the details finalized quickly.”

Beyond the negotiations to purchase Israir, which is the biggest tour operator in Israel, a purchase by NY Koen Group would provide additional benefits to the airline, which has struggled financially amid the ongoing coronavirus pandemic and slowdown in global travel. NY Koen Group also operates Aero Private Jet.

Aero Private Jet has access to 7,000 planes and 4,000 airports worldwide, offering business and leisure VIP flights with personalized customer service. The company has been operating since 2003, and has a positive reputation as a provider of luxury aviation.

The opportunity to buy Israir from a UAE-based company comes following the signing of a normalization agreement between Israel and the UAE.

“This is the type of purchase that could be the start of something amazing,” says Koen. “Hopefully, it would encourage many other business collaborations between Israel and the United Arab Emirates.”


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