Etihad raises funds for eco residence

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Abu Dhabi, Aviation, Business, Etihad Airways, News, Sustainability, UAE, UN Sustainable Development Goals

Andy Cairns of First Abu Dhabi Bank, Khaled Khalfan Al Suwaidi of Abu Dhabi Global Market and Adam Boukadida of Etihad Aviation Group at the signing ceremony.

Etihad Airways has raised 100 million euros to support the expansion of its eco residence in Abu Dhabi, a sustainable residential complex for the airline’s cabin crew.

In doing so, the national carrier of the United Arab Emirates has become the first airline to secure funding for a project based on the UN’s Sustainable Development Goals, the company said Sunday.

First Abu Dhabi Bank and Abu Dhabi Global Market will finance the project.

“We are proud to be the first airline globally, and one of the first companies in the UAE, to obtain commercial funding based on our commitment to the Sustainable Development Goals of the United Nations,” said Adam Boukadida, senior vice-president, treasury, tax and finance at Etihad Aviation Group.

He said the process to secure the loan hinged on a detailed international verification of the airline’s sustainability credentials.

“This assessment will enable us to fund long-term leases of the new eco residence complex, located in Abu Dhabi’s Masdar City innovation precinct, and will serve as the foundation for Etihad to fund future sustainable initiatives.”

Financing for these type projects must be linked to one or more of the goals, and the Etihad project met two, the company said.

To support the financing, Etihad established a framework.

The airline then engaged Sustainalytics to review the framework, and confirm alignment with the Sustainability Bond Principles of the International Capital Markets Association.

The company issued a Second Party Opinion verifying Etihad’s sustainability credentials, a key condition to raising capital, Etihad said.

Images are courtesy of Etihad.

 

Global lands at Pearson Airport

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Bombardier, Business, Business Aircraft, Downsview, Global 7500, GTAA, Mississauga, Montreal, News, Pearson International Airport, Quebec

An artists’s impression of the new Global Manufacturing Centre. Bombardier is building a new final assembly facility at Toronto’s Pearson International Airport for its Global business jets. The company has signed a long-term lease agreement with the Greater Toronto Airports Authority, the operator of Pearson, to build its new state-of-the art Global Manufacturing Centre at the airport, Bombardier announced Wednesday. The current Global completion center is in Downsview, about 20 kilometres east of the new site in Mississauga, Ont., where first production activities are expected to begin in 2023. The site will optimize final assembly operations for all Global business jets, including the flagship Global 7500, Bombardier said. “This is a strategic move for Bombardier and a strong commitment to Ontario’s aerospace industry,” said Alain Bellemare, president and chief executive officer of Bombardier Inc. “It will allow us to offer world-class career opportunities and continue fueling the economic development of the region for years to come.” The 1-million sq-ft facility will combine thousands of highly-skilled employees with 21st century production and tooling innovation, the company said. The Global 7500 forms a major portion of Bombardier’s aircraft order backlog of $15.3 billion. Images are courtesy of Bombardier.

Air Canada flying high with new honors

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Air Canada, Boeing, Boeing 777, Boeing Dreamliner, Canada, Global Traveler, Maple Leaf Lounge, Montreal, Toronto

Air Canada president and CEO Calin Rovinescu

Just last week, Air Canada president and CEO Calin Rovinescu was named the CEO of the Year by the Globe and Mail’s Report on Business magazine.

This week, the airline is celebrating another achievement – it has been recognized as the 2019 Airline of the Year by industry publication Global Traveler.

“The success we have had transforming our airline into a leading global carrier is being recognized worldwide and we continue to invest in new aircraft, onboard services, airport amenities and a new loyalty program to build on our leading position,” Rovinescu said.

“Mostly, however, this award recognizes the hard work of our employees and their commitment to deliver customer service excellence every day, for which I thank them,” he added.

The airline said Global Traveler’s advisory board weighed the nominees’ financial data, safety records, product offerings, onboard menus and overall image as a brand before selecting Air Canada as Airline of the Year.

Maple Leaf Lounge offers dishes prepared by celebrity chefs.

Since 2010, Rovinescu has presided over a rapid expansion of the airline, investing $12 billion on new aircraft and routes.

Rovinescu’s fleet renewal program has seen the deployment of new Boeing 777s and Boeing 787 Dreamliners.

The airline’s popular Maple Leaf Lounge, featuring dishes prepared by celebrity chefs, is also part of his program to elevate the travel experience.

Rovinescu has been at the helm of Air Canada since early 2009.

Images are courtesy of Air Canada.