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The Abu Dhabi government has chosen to transfer ownership of Etihad Airways Group (EAG) to ADQ, the smallest of the three UAE-based sovereign wealth funds.As the name suggests, EAG is the parent company of the Emirates flag airline Etihad Airwayswhich uses Abu Dhabi as an intercontinental hub.
transfer time
As reported by Gulf News, Abu Dhabi’s Supreme Council for Financial and Economic Affairs officially announced the decision to make the transition yesterday.The move is in line with ADQ’s intention to allow the Emirate of Abu Dhabi to further enhance its lead center in commercial aviation.
ADQ is a relatively new venture, with Reuters noting that the government asset holding company was only established in 2018. Nonetheless, it has quickly become a major player in the region with a portfolio of assets at its disposal. Its chief executive Mohamed al-Suwaidi welcomed the deal, saying:
“The aviation industry is critical to Abu Dhabi’s economic growth plans and prosperity. With Etihad Airways joining ADQ’s transport and logistics cluster, we are well-positioned to develop a globally competitive, integrated aviation portfolio.”
Photo: Getty Images
plans for further growth
Those familiar with Abu Dhabi know that it has become an important Middle East hub for connecting air travel thanks to Etihad Airways.However, with its UAE neighbors Dubai and the nearby Qatari capital doha It is also a strong player in this area and may need further growth.
This is the crux of ADQ’s new Etihad Airways Group ownership strategy.According to Zawya, the fund hopes to Abu Dhabi International (AUH) enables airports to provide an unparalleled end-to-end experience for passengers and cargo. Ground handling will also be a factor. ADQ added in a corresponding statement:
“EAG’s transfer complements ADQ’s efforts to deliver on Abu Dhabi’s vision to strengthen the UAE’s position as a global aviation hub with integrated and competitive aviation services.”
Photo: Airbus
Some assets have already taken action
Etihad Airways Group is a diversified business with a number of divisions. As such, ADQ started the transfer process earlier this year and thus acquired EAG’s ancillary business at the time of yesterday’s major announcement. It says it will “Create a new comprehensive aviation supporting service company and usher in a new round of industry growth. “
That doesn’t necessarily mean there will be major changes to the Etihad Airways operator as we know it. ADQ concluded that,
“As part of ADQ Aviation’s portfolio, EAG remains committed to becoming a leading global airline, delivering a first-class customer experience, unparalleled service and care to its customers. “
new CEO
The Financial Post noted that the move also resulted in a change in the chief executive of Etihad Airways. Antonoaldo Neves will succeed Tony Douglas, who has held the position since 2018. Douglas will serve as an advisor to ADQ’s Board of Directors.
How do you feel about this transfer? Have you flown with Etihad Airways in recent months? Let us know your thoughts and experiences in the comments.
source: ADQ, Financial Post, gulf news, Reuters, zavia
Etihad Airways
- IATA/ICAO code:
- Ernst & Young/ETD
- Airline Type:
- full service carrier
- Hub:
- Abu Dhabi International Airport
- year established:
- Year 2003
- CEO:
- Tony Douglas
- nation:
- United Arab Emirates
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