LONDON – ArabJet, a planned premium class airline based in Dubai, is talking to the administrators of SilverJet, the failed business class carrier, about a possible sale, a source familiar with the talks said on Monday.

Luton-based SilverJet, which operated three planes between London, Dubai and New York, collapsed into administration last month due to weak demand and record fuel prices.

ArabJet officials in Dubai were not immediately available for comment.

The company aims to have a market base of about 500,000 customers, mostly in Dubai and Saudi Arabia, according to its Web site. ArabJet Holidays and ArabJet Limousine services will be added afterwards, the Web site says.

Talks to buy SilverJet by Kingplace, an Irish-registered company managed by Swiss trust and management company Heritage, collapsed on Friday, when the company made its 420 employees redundant.