Abu Dhabi’s sovereign wealth fund ADQ announced on Tuesday that the government had transferred Etihad Aviation Group’s (EAG) full ownership to the fund to transform the emirate into a global aviation hub.
EAG is a leading global travel and air transport company, with flights reaching 63 destinations in 42 countries around the world.
It also offers sustainable aviation services, in addition to providing a unique experience for passengers, the statement mentioned.
ADQ’s aviation strategy emphasises competitive offers and services, including specialised services such as air cargo, aviation engineering and aircraft ground handling.
The acquisition has expanded ADQ’s aviation portfolio, which include a number of major companies: Abu Dhabi Airports, Wizz Air Abu Dhabi, and ADQ Aviation & Aerospace Services Company.
On Monday, ADQ said it plans to create an aviation services giant with about Dh9.4 billion ($2.56bn) in assets by combining its stakes in three aviation assets with Abu Dhabi Aviation (ADA).
According to ADQ’s CEO Mohamed El Sewedy, Etihad Aviation Group auxiliary companies has been transferred in advance to ADQ to establish an integrated company in the field of support services and aviation support.
