The Abu Dhabi National Exhibitions Company (ADNEC), a subsidiary of state holding company ADQ, has acquired Etihad Holidays, the destination and leisure management arm of Etihad Airways, Zawya reports.
The transaction, ADNEC is a statement said, will expand its footprints in the tourism sector.
“[The company] is taking the next step in its business diversification strategy with the strategic assets transfer of tourism business unit from Etihad Airways to ADNEC Group,” the statement noted. “We hold a long-term investor perspective in identifying and acquiring key assets in developed markets. This move will strengthen the Group’s competitiveness and will increase direct and indirect economic contributions to the UAE’s tourism sectors,” said Humaid Matar Al Dhaheri, managing director and group CEO of ADNEC.
Tourism 365, which is ADNEC’s tourism promotion business, will operate Etihad Holidays, taking it from a platform focused on the local market to a fully-fledged tour operator supplying online and traditional travel agencies with Etihad network holiday packages from key source markets.
ADQ is Abu Dhabi’s third-largest sovereign wealth fund and manages $110 billion in assets, owns companies across a broad range of sectors including utilities, tourism and hospitality, aviation, transport and logistics.
Abu Dhabi-based ADNEC acquires Etihad Holidays
