The national carrier will come under a new investor with a proven track record and comprehensive plan of re-energising the airline following its selection from three contenders qualified at the request for qualification stage ended in May 2024.

The issuance of Letter of Intent has been extended to August from end June and Cabinet approval on definite agreement and its signing slated to end September from June 2024.

The closing dates had been extended to foster greater competition and some at the request of potential bidders, a high official of the ministry said adding that pre-bid meetings were held for all entities identified for divestiture.

He disclosed guidelines of the bidding process ensure greater transparency and accountability and provide investors the confidence of a credible system with details of shortlisted contenders are in public domain.

Among the three bidders is the Sherisha Technologies and Supreme Global Consortium which has included several high-profile strategic partners in its offer, he divulged.

This was a response to request for clarifications provided to the State-owned Enterprises Restructuring Unit (SOERU) and notification to the Government of this significant advancement.

The consortium has forged an alliance with Terminal Holdings LLC from Abu Dhabi owned by Sheikh Tahnoon bin Zayed al-Nahyan, one of the wealthiest individuals globally,

It has secured a partnership with Challenge Aerospace LLC and Emirates Aerospace LLC, committing to supply 20 Airbus aircraft (9 narrow-bodied A320s and 11 wide-bodied A330s within two years of operation.

Other two short-listed bidders are Air Asia Consulting and the local Hayleys PLC.