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UAE's Etihad in talks with Germany's TUI to create new airline

Xinhua, October 5, 2016 Adjust font size:

Etihad Aviation Group, the national carrier of the United Arab Emirates (UAE), and Germany's TUI AG said on Wednesday that they are in talks to create a European "leisure airline group" in order to connect "key tourist markets."

The new company will focus on point-to-point flying to connect key tourist markets such as Germany, Austria and Switzerland.

Under the proposal, the touristic operations of the Air Berlin group, in which Etihad has a 29.2-percent stake, and the German TUIfly company will form the new airline group, Etihad said in a joint statement.

Etihad (Arabic for "unity") Aviation Group's flagship is Etihad Airways, the government-controlled airliner of the oil-rich sheikhdom of Abu Dhabi, also the capital of the UAE.

The TUI Group, whose shares are traded at stock markets in Frankfurt and London, is the world's biggest tourism business group, controlling a portfolio of 300 hotels, 14 cruise liners, six airliners in Europe and 1,800 travel agencies.

TUI shares fell by 1.9 percent on Wednesday's trading. Shares of Air Berlin, on the other hand, gained over 4 percent. Endit