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.

 

Emirates hits back in Open Skies battle

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Abu Dhabi, Alpa, American, Boeing, Delta, Dubai, Emirates, Etihad, FAA, Legacy Airlines, Open Skies, Qatar, Qatar Airways, Transport, Travel, United, United Arab Emirates, United States

Dubai’s Emirates airline has released a 400-page rebuttal to claims by three major U.S. airlines that it is enjoying an unfair advantage through state subsidies.

In a white paper issued in January, U.S. legacy airlines Delta, United and American had accused Emirates of receiving more than $6 billion in subsidies from the Dubai government.

On Tuesday, Emirates hit back.

“Their argument is nothing more than a mess of legal distortions and factual errors,” the U.A.E. national carrier said in the document posted on its website.

“What the legacy carriers want is protection from competition. Such protection would do irreparable harm to U.S. cities and airports, America’s world-leading aerospace industry, U.S. exports and jobs, U.S. air cargo carriers, and most of all, U.S. consumers, including passengers and shippers,” the document said.

“It would also undermine America’s leadership in international aviation — leadership that has made Open Skies the global template for air services.”

The document was also presented to U.S. officials in Washington by Emirates president Sir Tim Clark.

“The legacy carriers have received more than $100 billion in government support since 2002,” Clark told reporters after his meeting.

“In sum, there is no factual or legal justification for U.S. unilateral action against Emirates,” the document said.

“Such a step by the United States would seriously disadvantage other U.S. stakeholders, sound the death knell for Open Skies, and send a very negative signal about the value of U.S. trade, diplomatic, and security commitments,” the airline warned.

“For these reasons, the legacy carriers’ demands for protection should be firmly rejected.”

Images are courtesy of Emirates.