Mare Nostrum Mediterranean Fleet, with bases in UK-controlled Gibraltar, Malta, Cyprus, Egypt, and Mandatory Palestine remained the only threat to Italian naval power in the Mediterranean. The invasions of Albania, Greece and Egypt, and the Siege of Malta sought to extend Axis control over the Sea. This policy was so far-reaching and potentially intrusive, that it threatened neutral nations like Turkey, a threat that İsmet İnönü, the president of Turkey at the time of war, countered by promising to enter the war only if the Soviet Union joined the Allies. Mussolini dreamed of creating an Imperial Italy in his "Mare Nostrum" and
Air Nostrum was established on 23 May 1994 and started operations on 15 December. It was founded as Líneas Aéreas del Mediterraneo/Air Nostrum in Valencia. In May 1997, Air Nostrum signed an agreement with Iberia to become an Iberia franchise. It acquired Iberia subsidiary Binter Mediterraneo and absorbed its operations. Following Iberia's merger with Aviaco in 1999, additional domestic and international services were taken over by Air Nostrum. It acquired Dutch airline Denim Air in 1999, but disposed of its interest in the company in 2002. Air Nostrum is owned by Nefinsa (75%), Caja Duero (22%) and Air Nostrum management (3%) and