SAWT BEIRUT INTERNATIONAL

| 9 December 2022, Friday |

Abu Dhabi’s Etihad Airways to divest several businesses

Etihad Airways would sell many support service firms to a new aviation company owned by Abu Dhabi state holding firm ADQ, as well as to Abu Dhabi National Exhibitions Company (ADNEC).

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Etihad Engineering, Etihad Airport Services Cargo, Etihad Airport Services Ground, Etihad Aviation Training, Etihad Secure Logistics, and Etihad Technical Training are among the companies involved in the proposed deal.

In addition, two Etihad enterprises will join Abu Dhabi National Exhibition Company as part of the planned deal (ADNEC). Etihad Airport Services Catering will merge with ADNEC’s catering company Capital Hospitality, while Etihad Holidays will join ADNEC’s tourist promotion company Tourism 365.

The proposed deal ushers in a new chapter for Etihad Airways, allowing the airline to narrow its focus on its core business and respond to market possibilities with greater agility as global travel demand recovers from COVID-19.

“With the proposed addition of Etihad’s experienced aviation support businesses to our new dedicated aviation company, ADQ is primed to develop an integrated aviation platform that is driven by performance and a robust financial foundation through its new company,” said H.E. Mohamed Hassan Alsuwaidi, CEO of ADQ.

“We are well-positioned to exploit the growth potential of these aviation services businesses with an integrated mobility and logistics portfolio that plays a leadership role in the expansion of Abu Dhabi’s global connections.”

“We see chances to capitalize on development prospects, recruit a broader airline client base, and support the future evolution of Abu Dhabi’s aviation sector.”

“We’re pleased to cooperate with ADQ on the next chapter of our transformation,” said Tony Douglas, Group CEO of Etihad Aviation Group. The last two years have seen tremendous changes in the aviation industry, and the proposed agreement represents a critical milestone in how we are repositioning Etihad Airways and its subsidiaries for long-term success.”

“This arrangement will allow us to focus entirely on Etihad Airways in order to capitalize on recovering travel demand, which will benefit our employees, the millions of passengers who fly with Etihad Airways each year, and Abu Dhabi’s broader aviation sector.”

“We’re collaborating closely with ADQ to make the transition as easy as possible.” We will continue to provide the best-in-class and sustainable travel experience that our passengers demand from Etihad Airways with a fresh, single-minded focus on our airline business.”

“The inclusion of Etihad Airport Services Catering and Etihad Holidays supports Abu Dhabi’s strategy, which aims to achieve integration between various business units across exciting economic sectors,” said Humaid Matar Al Dhaheri, Managing Director and Group CEO of Abu Dhabi National Exhibitions Company (ADNEC). By expanding on what has already been done, we will be able to go above and beyond the expectations of our clients.”

“Our emphasis remains on completing milestones and continuing to work to improve regional and worldwide competitiveness, as well as increasing contributions to the Abu Dhabi economy and supporting sustainable development.”

The companies that have joined ADQ’s new aviation firm and ADNEC will continue to be essential long-term strategic partners for Etihad Airways.

The deal is subject to the usual closing conditions, which include regulatory clearances. The transaction’s terms were not disclosed.

    Source:
  • alarabiya