Etihad Aviation Group (EAG) has been transferred to Abu Dhabi’s sovereign wealth fund.
The transfer was carried out by Abu Dhabi’s Supreme Council for Financial and Economic Affairs.
Abu Dhabi’s Etihad Airways is recognised globally for its air travel.
“The transfer of EAG complements ADQ’s efforts to transform Abu Dhabi into a global aviation hub anchored in end-to-end airport service excellence,” ADQ said in an emailed statement.
Through this transfer, ADQ – which is the smallest of the emirate’s three sovereign funds – has emerged “as one of the region’s most active deal makers,” Reuters reported.
“The aviation sector is critical to Abu Dhabi’s economic growth plans and prosperity. With Etihad joining ADQ’s mobility and logistics cluster, we are well positioned to develop a globally competitive and integrated aviation portfolio to enhance Abu Dhabi’s connectivity and overall value proposition,” ADQ’s managing director and chief executive officer, Mohamed Hassan Alsuwaidi, said.
Through the addition of EAG, ADQ’s aviation portfolio supports Abu Dhabi’s vision to create an “integrated aviation hub,” the statement said.
ADQ’s aviation portfolio currently includes Abu Dhabi Airports, Wizz Air Abu Dhabi and ADQ Aviation & Aerospace Services Company.
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