Air Lanka, which was state-owned, was partially privatized in 1998, with investment by -based , when Emirates and the Sri Lankan government signed an agreement for a ten-year strategic partnership. This agreement included exclusive rights for all aircraft ground handling and airline catering at Colombo-Bandaranaike airport for ten years. Emirates bought a 40% stake worth US$70 million (which it later increased to 43.6%) in Air Lanka and sought to refurbish the airline's image and fleet. The government retained a majority stake in the airline but gave full control to Emirates for investment and management decisions. In 1998, the Air Lanka re-branded to SriLankan Airlines.