In October, Rami Levy made a low NIS 70 million bid for the airline, but he later raised it in line with other competing offers.
Meanwhile, dozens of passengers who were about to depart from Ben-Gurion Airport to Dubai have canceled their flights and have returned home.
Israir CEO Uri Sirkis said that "If all parties are serious, it will be possible to open direct lines within three months."
"When we land in Israel we clap our hands," Netanyahu noted, referring to an Israeli tradition of applauding whenever landing back in Israel after a trip abroad.
In September, Saudi Arabia declared that it will be allowing all foreign civilian flights to fly over its airspace, but didn't mention Israel.
Later on Monday, Israir received approval from Greek authorities to send rescue flights to Thessaloniki for the purpose of returning Israelis home.
While the passenger plane was never put in serious danger, it was not an isolated incident, with multiple civilian flights in the area having been interrupted by Russian fighters that day
The offer is considered relatively low and reflects the financial damage caused to Israir by the coronavirus lockdown.
Israir is the first Israeli flight company that filed a request to hold direct flights to the UAE.