Abu Dhabi poured billions into Etihad Airways before pandemic

Although the company hasn’t announced if it received any state support since the crisis erupted this year, it’s sold $600 million in five-year "transition” Islamic bonds last month as part of a $3 billion sukuk program.

ABU Dhabi’s government has stumped up around $22 billion for Etihad Airways since it began flying in 2003, underscoring the ambition of the oil-rich emirate to turn its national carrier into a global player before the effort faltered in recent years.

The heavy investments, made before Covid-19 lockdowns strangled demand for air travel, were likely a prelude to support for the carrier this year, given the sector’s dire need for cash during the pandemic.