Etihad Airways (XADS-ETIHAD) has confirmed its readiness to go public, with the final decision now resting in the hands of its shareholders. Group CEO Antonoaldo Neves stated that while no official date has been set for the initial public offering (IPO), the airline is fully prepared to proceed once it receives the green light. “We’re IPO-ready. The moment our shareholders decide, we can move forward,” Neves said during a recent interview. He emphasized the airline’s robust financial health, noting that its strong balance sheet positions it well for a public listing.
The potential IPO aligns with a broader trend in the UAE, where several state-linked enterprises have gone public in recent years to deepen capital markets. Investor appetite remains strong, as evidenced by the recent oversubscription of Dubai Residential REIT’s IPO by 26 times. In the first quarter of 2025, Etihad reported a record after-tax profit of AED 685 million, marking a 30% year-on-year increase. Revenue rose 15% to AED 6.6 billion, driven by growth in both passenger and cargo operations. The airline carried 5 million passengers during the quarter, with a load factor of 87%.
Etihad is also aggressively expanding its fleet. The airline recently confirmed an order for 28 wide-body Boeing aircraft, including 787s and 777Xs, with deliveries starting in 2028. Neves revealed that over the past few years, Etihad has quietly acquired or leased more than 60 aircraft, bringing its fleet from around 70 in 2022 to 100 today. “We prefer a flexible approach to fleet expansion,” Neves explained. “Rather than locking in large orders, we make smaller, strategic purchases to maintain adaptability.”
Meanwhile, Emirates Airline has also indicated IPO readiness, with its leadership stating that a public listing would proceed if directed by the Dubai government. As the UAE continues to position itself as a global financial hub, the potential listing of Etihad Airways could mark another milestone in the region’s economic diversification strategy.