Etihad Airways is no rush to go public, according to the airline’s chief executive Antonoaldo Neves.
When asked about the Abu Dhabi airline’s initial public offering, Mr Neves said it’s all “speculation”.
“Right now, the focus is on deleveraging the company. The more debt is reduced, the more returns can be given to shareholders, who are the ultimate decision-makers on any IPO. There’s no rush for capital, no rush to go public,” he told The National in an interview.
However, Mr Neves said that an airline IPO would be a potential structural shift for the UAE’s capital markets. Such an event could rebalance investor focus and redefine the region’s financial landscape, he said.
The airline’s chief executive has a clear mandate: grow the business. And he has delivered, making it clear his goal is to dominate a four-hour flight radius from Abu Dhabi, “an area that includes two billion potential customers”.
Like every global chief executive, Mr Neves has faced disruptions from trade liberalisation, tariffs and the unpredictable moves of US President Donald Trump.
Yet he was quick to point out that Etihad’s exposure to the US market, particularly in cargo, is limited – and, in fact, that business has grown, he said. So far, US policies and rhetoric have had little direct impact, Mr Never explained.
His real worry is not tariffs or political posturing, but rather a potential imbalance in transatlantic supply and demand, particularly a drop in passenger traffic from Europe and the UK to the US. That could send ripple effects across the Middle East, he warned.
“If North Atlantic routes falter, excess aircraft might be redirected to this region, putting downward pressure on pricing and disrupting the market,” he feared.
Last week, during Mr Trump's visit to the UAE, Etihad announced an order for 28 Boeing wide-body aircraft with GE engines, valued at $14.5 billion. Delivery of the aircraft, which include 787s and the 777X, will start in 2028.
Regarding Etihad’s recent aircraft order from Boeing, Mr Neves was unequivocal: “These planes are for growth.”
With 18 new destinations planned for 2025, Etihad’s “ambition is clear”, he said.
The chief executive added that he is in close contact with Boeing leaders such as Dave Calhoun and Stephanie Pope and believes the aircraft manufacturer’s improved performance over the past six months shows the “worst is behind them”.
Who are the Soroptimists?
The first Soroptimists club was founded in Oakland, California in 1921. The name comes from the Latin word soror which means sister, combined with optima, meaning the best.
The organisation said its name is best interpreted as ‘the best for women’.
Since then the group has grown exponentially around the world and is officially affiliated with the United Nations. The organisation also counts Queen Mathilde of Belgium among its ranks.
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BULKWHIZ PROFILE
Date started: February 2017
Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)
Based: Dubai, UAE
Sector: E-commerce
Size: 50 employees
Funding: approximately $6m
Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait
Villains
Queens of the Stone Age
Matador
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Global institutions: BlackRock and KKR
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
