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Etihad Rail secures $11 billion project in the UAE

Tuesday, 5 March 2013

Etihad Rail, the developer of a $11 billion railway network in the United Arab Emirates, secured a $1.28 billion five-year project financing from local and international banks to build the first phase of the project, it said on Tuesday. The UAE railway network comprises three stages, with the first stage underway after a $900 million civil and track works contract was awarded in October 2011. Phase one will link the western region cities of Habshan and Ruwais by 2013 and connect Shah and Habshan ...

Shares in India’s jet slide on Etihad deal worries

Sunday, 3 March 2013

Shares in Jet Airways plunged nearly six percent Friday on concerns over whether India’s second largest private airline will clinch a stake sale to Abu Dhabi-based Etihad Airways. Shares fell 6.19 percent before recovering slightly to close down 5.81 percent at 527.35 rupees as a media report said “fresh hurdles” had emerged in talks with the Gulf carrier over its plans to buy a stake in Jet. “Etihad has put a host of conditions, including an option to buy up to 49 ...

India’s Jet Airways shares rise after TV reports deal with Etihad Airways

Wednesday, 27 February 2013

Shares in Jet Airways surged as much as 19.7 percent on Wednesday after TV channel ET Now cited unidentified sources as saying Etihad Airways was close to a deal to purchase a 24 percent stake in the Indian carrier. Abu Dhabi’s Etihad has already paid a “token” amount of $70 million, and will likely pay $400 million in the first tranche of the deal, the channel reported. A Jet Airways spokeswoman referred Reuters queries on there port to Etihad. Etihad said it did not have an ...

Bahrain Air grounded by mounting debts

Wednesday, 13 February 2013

Debt-burdened carrier Bahrain Air grounded all flights Wednesday after announcing plans to shut down operations and sell its assets amid struggles to rebound from the Gulf nation’s unrest-driven downturn and competition with bigger rivals. The small, privately run airline is among the most high-profile corporate victims from Bahrain’s political crisis that erupted two years ago. The pro-democracy uprising by majority Shiites brought a sharp economic slump, but the kingdom’s ...

Aviation sector contributes more than $39 billion to UAE’s economy

Wednesday, 13 February 2013

The aviation sector now contributes more than Dhs 145 billion ($39.47 billion) to the UAE’s economy, or 14.7 per cent to the national GDP, according to Sheikh Ahmad Bin Saeed al Maktoum, President of Dubai Civil Aviation. “This contribution is projected to grow further in the coming years and as such justifies the country’s huge investment in airports and airline networks. Aviation and logistics have had a major impact on other economic sectors such as tourism, hospitality, ...

Etihad Airways finalizing buy out of India's Jet Airways

Tuesday, 22 January 2013

Abu Dhabi's Etihad Airways will finalise a deal to buy a stake in India's Jet Airways, the first such investment by a foreign carrier in an Indian airline since rules were relaxed last year, CNBC TV18 reported. A deal may be announced as early as Friday or by the first week of February, the TV channel said. The Gulf carrier could pay up to $330 million for a 24 percent stake in Jet, India's second-biggest carrier, a senior government source said earlier this month. Etihad and Jet did not ...

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