MIAMI: Etihad Airways has reached a deal to deepen its relationship with Air France-KLM and separately has agreed to sell its stake in Aer Lingus Group Plc, Etihad’s CEO James Hogan said.
Etihad and Air France-KLM will share codes on more flights starting this year, opening more European cities to the Abu Dhabi-based airline’s customers, Hogan said on the sidelines of the International Air Transport Association’s (IATA) annual meeting.
The airlines have yet to finalize terms of the deal.
Hogan said that Etihad will sell its 4.99-percent stake in Aer Lingus, the Irish flag carrier, in a potential takeover bid by British Airways-parent International Airlines Group.
The moves reflect Etihad’s strategy to grow its route map through airline partnerships. With codeshares on French domestic flights imminent, Etihad also is looking to add destinations via codeshares with Philippine Airlines, Garuda Indonesia and Malaysia Airlines, Hogan said.
“We’re keen to maintain a relationship with (IAG). Indications are that they’re interested in doing so too,” Hogan said.
Kevin Knight, Etihad’s chief strategy and planning officer, said in the same interview that Etihad hopes to expand its codeshare with Air France-KLM “as broadly as possible.”
Etihad currently lists its flight code on nine Air France cities and 21 KLM destinations.
Hogan said sharing frequent-flier rewards would be the next step in the airline’s partnership with Air France-KLM. It has not discussed or considered taking an equity stake in the European carrier, although saying this would never happen is “not possible,” Hogan said.
Across the Atlantic, Knight said Etihad does not have plans to introduce new service to the United States for 24 months.
Etihad in expanded codeshare deal with Air France-KLM
Etihad in expanded codeshare deal with Air France-KLM
Closing Bell: Saudi main index closes in red at 10,947
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Thursday, losing 208.20 points, or 1.87 percent, to close at 10,947.25.
The total trading turnover of the benchmark index was SR4.80 billion ($1.28 billion), as 14 of the listed stocks advanced, while 253 retreated.
The MSCI Tadawul Index decreased, down 25.35 points, or 1.69 percent, to close at 1,477.71.
The Kingdom’s parallel market Nomu lost 217.90 points, or 0.92 percent, to close at 23,404.75. This came as 24 of the listed stocks advanced, while 43 retreated.
The best-performing stock was Musharaka REIT Fund, with its share price up 2.12 percent to SR4.34.
Other top performers included Al Hassan Ghazi Ibrahim Shaker Co., which saw its share price rise by 1.18 percent to SR17.20, and Saudi Industrial Export Co., which saw a 0.8 percent increase to SR2.51.
On the downside, Abdullah Saad Mohammed Abo Moati for Bookstores Co. was among the day’s biggest decliners, with its share price falling 9.3 percent to SR39.
National Medical Care Co. fell 8.98 percent to SR128.80, while National Co. for Learning and Education declined 6.35 percent to SR116.50.
On the announcements front, Red Sea International said its subsidiary, the Fundamental Installation for Electric Work Co., has entered into a framework agreement with King Salman International Airport Development Co.
In a Tadawul statement, the company noted that the agreement establishes the general terms and conditions for the execution of enabling works at the King Salman International Airport project in Riyadh.
Under the 48-month contract, the scope of work includes the supply, installation, testing, and commissioning of all mechanical, electrical, and plumbing systems.
Utilizing a re-measurement model, specific work orders will be issued on a call-off basis, with the final contract value to be determined upon the completion and measurement of actual quantities executed.
The financial impact of this collaboration is expected to begin reflecting on the company’s statements starting in the first quarter of 2026, the statement said.
The company’s share price reached SR23.05, marking a 2.45 percent decrease on the main market.
