Small beer
Come on guys, pissing away the nearly 300,000,000 start up capital (it was actually whatever 800,000,000 AED is in US$) is nothing to the great man. Remember his was the master stroke of buying the port in Georgia for $1bn only to have the Russians destroy it during their invasion, try to get out of the responsibility his contract imposed - because we all know contracts to him are treated as a minor annoyance rather than something legally binding entered into under a system of law - and then eventually having to fork out another $1bn to rebuild it. That's real money to throw away, not a mere $0.3 bn on a tinpot airline.
I've always wondered what the pictures he has on the powers that be in RAK depict as it must be bad to enable him to get away with what he does, right under their noses. A driver at RAK Ceramics would be fired and be separated from various parts of his anatomy if he tried to fiddle 50AED on his petrol so how the mighty Dr gets away with it all is beyond me. However reliable sources tell me that any new applications or amendments to AOCs from the lunatics in the North will be greeted with the contempt they deserve by the GCAA so I think we're fairly safe to say the whole thing is dead.