DUBAI – The government today transferred the full monarchy of the “Etihad Air” group to A Holding Company A. D. Kyu, one of the sovereign wealth boxes in Abu Dhabi, as part of unimaginable efforts to strengthen Abu Dhabi’s role as an integrated regional centre in the global transport sector and within an ambitious plan to make a qualitative leap in this crucial sector and the path of raising sustainable growth rates.
ADCu said in a statement that the transfer of Etihad Airways aims to “support the direction of the Emirate of Abu Dhabi to be a sustainable and global airline that provides a set of integrated and distinguished services covering all stages of customer experience
One of the more active groups in recent deal closings in the region is The Holding, the newest of Abu Dhabi’s three primary sovereign wealth funds.
As a holding company for government assets, it was founded in 2018 and has since been seeking to diversify its holdings, privatise part of them, and make strategic acquisitions in order to create “leading national firms.”
She claimed on Monday that it made a proposal to purchase a majority stake in Abu Dhabi Airlines in order to run the helicopters, integrate them with the holding stakes in its subsidiary companies, Etihad Engineering and your commander, and tour, in order to create a “global centre in the highly competitive aircraft maintenance and repair sector.”
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The aviation sector is an essential element to raise the rates of economic growth and prosperity in the Emirate of Abu Dhabi.
With the completion of the transfer process and the joining of the Etihad Airways Group to the transport and logistical services portfolio in the Holding, we will continue to implement our strategic plans to enhance the position of the Emirate of Abu Dhabi to assure its role to become An integrated regional center in the global transport sector.
Earlier this year, the Union Group’s connected companies had their ownership changed.
After investing billions of dollars in its attempts to compete for the development of a primary flight centre in the capital of the UAE, Abu Dhabi, these efforts ultimately failed, and Etihad Airways scaled back its objectives.
The firm launched a five-year transformation plan in 2017 as a result of the failure of its strategy to invest in other airlines, which led to billions of dollars in losses.
In comparison to losses of $ 390 million a year ago, the airline said late in July that it had generated basic operational profits of $ 296 million in the first half of 2022.
The Holding Group said that the Etihad Airways Group “will continue its efforts to achieve its aspirations to be one of the world’s leading airlines. “.
Etihad Airways merges Abu Dhabi into the Holding Company.
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