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Wednesday, April 24, 2024

Etihad invests $20m for 40% stake in Air Seychelles

Etihad Airways(Abu Dhabi) – Etihad Airways has announced that it will invest US$20 million (Dh73.4m) to acquire a 40 per cent stake in Air Seychelles.

The investment is a part of strategic partnership between Air Seychelles and the Abu Dhabi carrier.

According to a statement issued by the Abu Dhabi carrier and Air Seychelles, Etihad’s investment of $20m in Air Seychelles is to be matched by an equal capital injection from the government of Seychelles.

“This deal is consistent with our approach to expansion, which relies on the strength of strategic partnerships across the globe,” said James Hogan, the President and Chief Executive of Etihad.

Joel Morgan, the Seychelles Minister of home affairs, environment, transport and energy said, “The aviation industry is under enormous pressure right now, with small airlines especially vulnerable to global economic instability and continuing oil price volatility. Thus, in this context, consolidation with Etihad airways offers the best possible solution for Air Seychelles”.

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