UAE-based Etihad Airways has planned to sell 38 of its aircraft in a deal worth $1 billion, as a part of its transformation programme.
According to media reports, Etihad will sell 22 Airbus A330s and 16 Boeing 777-300Rs aircraft to investment firm KKR and leasing company Altavair AirFinance.
KKR revealed that the Boeing 777-300ERs will be leased back to Etihad once the deal is completed. However, the Airbus A330s aircraft will go to international clients.
With regard to the deal to sell 32 aircraft, Tony Douglas, chief executive at Etihad Group told the media, “We’ve made great strides in optimising our fleet structure over the past year, and this investment from KKR and Altavair AirFinance will allow us to take another step forward in this area. “
“This deal will ensure we stand by our strategic and financial sustainability targets by replacing aircraft with the most technologically-advanced and fuel-efficient fleet types. The structure of this transaction also provides us with significant flexibility, meaning we are well placed to respond to future growth requirements.”
Last year, the airline also cancelled the orders for new aircraft it placed earlier. This implies that the airline has given up on its ambition to become a global leader in aviation. The carrier currently is shifting its focus back to the local market.
Recently, Etihad Airways received its first Boeing 787 flagship ‘Greenliner’ jet. According to media reports, the Greenliner aircraft will be used by Etihad to test various aviation sustainability initiatives.
The aircraft, which is a modified version of the Boeing 787 Dreamliner aircraft, will help Etihad reduce carbon emission and make the aviation industry more sustainable.