Etihad_Airways

Abu Dhabi state-owned carrier Etihad Airways is planning to raise around $500m in order to purchase five aircraft.

Sources were quoted by Bloomberg as saying that the funds could be raised through export credit agencies, operating leases and bank loans.

Several domestic and international banks have shown interest in financing Etihad, the sources said.

The airline operates a fleet of 118 Airbus and Boeing aircraft that serve 111 passenger and cargo destinations worldwide.

It currently has more than 200 aircraft on order, and recently received one Airbus A380. In November, the airline will take delivery of another A380.

Etihad spokesman said the carrier will also receive four Airbus A321 airliners through November and a Boeing 787 in April 2016.

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"The company plans to tap into the increasing travel demand from its Abu Dhabi hub, and compete with other regional airlines."

Said to be the third-biggest carrier in the Gulf region, Etihad Airways owns minority stakes in various airlines internationally.

Going forward, the company plans to tap into the increasing travel demand from its Abu Dhabi hub, and compete with other regional airlines.

Gulf carriers, including Etihad Airways, were recently charged by the Partnership for Open & Fair Skies for being unfairly subsidised by the state, violating the air treaties with the US Government.

The Partnership for Open and Fair Skies is a group of US carriers and airline employee unions.

The Wall Street Journal had previously reported that the Abu Dhabi Government invested around $2.5bn in Etihad Airways, which according to critics, is a proof of unfair subsidies are being given to the airlines.

Image: An Etihad Boeing 787-9 in the current livery. Photo: courtesy of Gerry Stegmeier / Wikipedia.