Etihad Airways sold its 40 per cent stake in Air Seychelles to the Indian Ocean island as the Abu Dhabi airline moves away from a strategy of growth through investments in other airlines.
Etihad announced that its management contract had also ended but said Air Seychelles' chief executive Remco Althuis and chief financial officer Michael Berlouis would stay on until June 30 to assist with the airline’s transition.
An Etihad spokeswoman said the UAE airline would no longer be a shareholder in Air Seychelles but she did not provide the value of the sale. Etihad acquired the stake in 2012.
The move is in line with Etihad’s five-year restructuring plan under which it is stepping back from its global equity alliance strategy and repositioning itself as a mid-sized boutique airline operating smaller, wide-body aircraft.
Boeing's 787 Dreamliner will serve as the “backbone” of the fleet.
For the Seychelles, famous for its turquoise beaches and diving spots, the deal is an opportunity to focus on profitable routes as air travel recovers from the coronavirus-induced slowdown that crimped demand.
“This is a time of opportunity for both Air Seychelles and the country as tourism starts to rebuild following the reopening of its borders,” Etihad said.
The airline said it remained committed to Air Seychelles as a commercial codeshare partner.
“The Seychelles is an important destination on Etihad’s global network, with bookings steadily increasing following its reopening to tourism,” Etihad said.
Patrick Payet, the island nation's Secretary of State in the Ministry of Finance, said a debt of $72.3 million that Air Seychelles owed Etihad had been discounted by 79 per cent, according to the Seychelles News Agency. Repayment of the remaining debt will start from 2022 onwards.
The Seychelles also offered to pay $20m of the $71.5m still owed to bondholders, he said.
The island nation is in discussions with the Trade Development Bank for a government loan to pay bondholders and Etihad, he said.
“All of these liabilities will be in the government’s books, so Air Seychelles will have a clean sheet from the liability that they have,” said Mr Payet.
A new board of directors has been appointed at Air Seychelles that will appoint a new chief executive and chief financial officer, the news agency reported, quoting government officials.
The board will also review the airline’s operations and make recommendations to the government, it said.
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Zayed Sustainability Prize
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KILLING OF QASSEM SULEIMANI
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Abu Dhabi Equestrian Club race card
5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
Killing of Qassem Suleimani
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
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Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
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