Abu Dhabi govt poured billions into Etihad Airways before pandemic

State-owned Etihad won't list the bonds and it only shared its prospectus with investors who signed a non-disclosure agreement.

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.
 
The extent of assistance could also return the spotlight to an agreement reached two years ago that settled a long-running dispute over government aid