Abu Dhabi Seeks Banks' Advice on Potential IPO for Etihad Airways

Bloomberg reported today, Thursday, that Abu Dhabi's sovereign wealth fund "ADQ" has selected banks including "HSBC," "Citigroup," and "Abu Dhabi First Bank" to provide advice on a potential initial public offering (IPO) for Etihad Airways. The report cited informed sources stating that Rothschild & Co is acting as an independent financial advisor for "ADQ," which owns the Emirati airline. The report noted that the fund had previously considered a direct listing for Etihad Airways instead of a traditional IPO. Etihad Airways' CEO, Antonoaldo Neves, stated on Wednesday that the company has returned to profitability and is working on improving transparency, governance, and its balance sheet to be ready for an IPO if "ADQ" decides to proceed with it. Since 2022, the Abu Dhabi sovereign fund has listed several assets on the stock exchange as part of a broader strategy to diversify the emirate's oil-rich economy, strengthen capital markets, and stimulate investment.