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SC Media Centre - Etihad Airways
Etihad Airways Collects Leading
Karachi: February 24, 2016 – Etihad Airways has been presented with the Best Finance Transformation Award in 2015 by Innovation Enterprise, a leading US-based company specialising in enterprise innovation.
The award was given to Etihad Airways, which triumphed over other leading companies, for its Outstation Finance Transformation program, developed to centralise the airline’s processing functions to a low-cost operating environment.
James Rigney, Etihad Airways’ Chief Financial Officer, said: “We are proud to receive this award for the great work carried out by our financial planning team. We had a short window of six months to implement our transformation program, and their dedication to this task has allowed us to reduce finance manpower, start moving to a regional structure, and to deliver cost and revenue improvements which have delivered US$28 million in savings, with a target of a further US$50m this year.”
The first phase of the Outstation Finance Transformation program required the creation of a worldwide centre of excellence which would process transactions valued at US$ 1 billion from over fifty countries. The second phase saw Etihad Airways adopting leading initiatives to improve key processes and eliminate bottlenecks, in order to ensure that the centralisation of these functions were carried out without compromising the airline’s high working standards.
The Innovation Enterprise group is a leader in the promotion of innovation in the Financial Planning and Analysis (FP&A) profession, and is the largest FP&A event organiser in the industry.
Etihad Airways Signs Citi as International Cash Management Bank Partner
Partnership Helps Enhance Efficiency and Reduce Costs
Karachi: February 24, 2016 – Etihad Airways, the national airline of the United Arab Emirates, has announced an enhanced agreement with Citi as its international cash management bank partner.
The new mandate, covering Etihad Airways' worldwide operations outside the GCC, will enable the airline to leverage Citi’s substantial investment in financial technology to further develop its cash management operations and help reduce costs.
Etihad Airways will now be able to utilise Citi’s Liquidity Management solution to achieve substantial cash optimisation and competitive market rates through automated treasury tools, resulting in significant transaction cost savings.
Citi's cash management solution rationalises account opening processes and moves the Abu Dhabi-based carrier to a fully automated and centralised account administration, and automated account payable and account receivable management tools to achieve better control and minimise transactional risks
The enhanced partnership comes a year after the signing of an innovative Supply Chain Finance (SCF) agreement between Etihad Airways and Citi enablingthe airlineto unlock liquidity and pay its suppliers almost immediately through funding provided by the bank.
James Rigney, Etihad Airways Chief Financial Officer, said: “We are delighted to have entered into this agreement with Citi which is designed to drive more cost benefits for our business on a global level. As Etihad Airways continues to grow, this partnership will help bring about greater economies of scale, increased operational efficiency, enhanced financial procedures and immediate solutions to local needs across our worldwide operations.”
Emre Karter, Managing Director and Regional Head – Treasury & Trade Solutions (Middle East, North Africa, Pakistan & Turkey),said: “At Citi, we value our strategic alliance with Etihad Airways which is one of the world’s fastest growing airlines, and we're proud to provide global cash management services that meet the exact needs of the carrier. This is demonstrative of our ability to offer clients worldwide, local and regional solutions with global service standards.”
Citi has been present in the Middle East and North Africa since 1955, and offers full scale corporate and investment banking services in Egypt, UAE, Bahrain, Qatar, Kuwait, Lebanon, Jordan, Tunisia, Morocco, Algeria, Pakistan and Iraq. Citi's institutional capabilities in the region include Treasury & Trade Solutions, Corporate & Investment Banking, Capital Markets Origination, Global Markets and Islamic Banking.
Etihad Airways presented with Air Transport World’s Airline
of the Year 2016 Award
Leading Aviation Title Honours UAE National Carrier For Strong Leadership in Developing Unique Growth Strategy And Setting Global Industry Benchmarks
Karachi February 16, 2016 – Etihad Airways, the Abu Dhabi-based national airline of the United Arab Emirates,was this evening (Feb 15) presented with the coveted Airline of the Year 2016 award by the prestigious US-based aviation industry publication Air Transport World (ATW).
The accolade acknowledged Etihad Airways’ strong executive leadership team in developing a profitable strategy of organic growthand unique equity partnerships; introducing ground-breakingproducts and services;creating the foundations for building a motivated workforce; and engaging in a diplomatic, dignified defence of its business model in the wake of fierce opposition by US carriers.
Etihad Airways was chosen for the top honour by ATW’s distinguished editorial board in a highly contested competition, with entries from more than 100 airlines around the world.
The award was presented at a Gala Dinner attended by industry peers at the 42nd edition of the annual ATW Airline Industry Achievement Awards on the eve of the Singapore Air Show.
James Hogan, Etihad Airways’ President and Chief Executive Officer, said: “This award recognises what we set out to do as an airline 13 years ago – to be safe, profitable and simply the best.
“It is a reflection of our strengths – a robust business model andinnovative products and superior service delivered by our 27,000 dedicated employees. I am delighted to accept this award on their behalf. As an airline, we have offered a unique proposition to the travelling public and expanded our business to help shape the changing global aviation landscape.”
To earn the top accolade, ATW said an airline must demonstrate exceptional achievements and capabilities across its operations, financial performance, customer service, safety and employee relations. The executive leadership team must also clearly show innovation and strategic thinking that sets the company apart.
Karen Walker, Air Transport World Editor-in-Chief, said: “Etihad Airways is clearly an airline apart from the pack and one that sets its own course. It is a pleasure to celebrate the achievements of the Etihad Airways team at the 2016 ATW Airline Achievement Awards in Singapore. Etihad is highly deserving of our top award, Airline of the Year. James Hogan puts it best - it's not about being the biggest, it's about being the best."
On products and customer service, Etihad Airways was described by ATW as being bold and innovative, highlighting the introduction of unique Airbus A380 and Boeing 787 cabin interiors as setting industry benchmarks. These include The Residence – the world’s first three-room onboard apartment comprising a bedroom, lounge and ensuite shower.
On airline tie-ups, ATW noted Etihad Airways’ equity stakes in selected airlines around the world as being the foundation of its business model. Equity stakes in airberlin, Swiss-based Darwin Airline, Air Serbia, Alitalia, Jet Airways, Air Seychelles and Virgin Australia helped Etihad Airways create a unique proposition ofmore passenger choice, greater scale for negotiation with key suppliers, enhanced shared training resources for crew and other employees, and heightened network integration.
On US carriers’ accusing Gulf carriers of anti-competitive practices, ATW said James Hogan and his team maintained dignity by consistently defending Etihad Airways’ business model focusing on the facts rather than personal attacks. ATW editors showered particular praise on Etihad Airways on this issue in which James Hogan said: “Many stones were thrown at us, but we responded calmly and with facts, showing that we bring new competition to markets.”
On employees, ATW defined Etihad Airways as a ‘good citizen’ describing its workforce as ‘our family’ and for embarking on aggressive plans to grow its local workforce and offer UAE nationals, now numbering 3,000 within the group,with career paths through various programmes and initiatives. Staff are supported with a 24/7 HR number, a dedicated welfare team, onsite medical centre, gyms to promote wellness and healthy living, top of the range staff accommodation and an onsite nursery.
On sustainability, ATW commended Etihad Airways for a number of initiatives focused on fuel-saving, pioneering alternative fuel research with key partners, and engaging employees in recycling programmes.
During 2015, Etihad Airways launched six new routes on three continents taking its global network of destinations to 116 with a fleet of 121 aircraft. More than 17 million guests flew on Etihad Airways last year, up from almost 15 million in 2014.Etihad Airways also launched its new Boeing 787 Dreamliner – the first of 71 on order – and phased in the first of 10 Airbus A380 aircraft into its fleet.
Etihad Airways was recognised by ATW’s editorial board for “fast but thoughtful growth, consistently delivering against its targets and always thinking ahead.” The airline was also applauded for its “excellent numbers on financials, cargo and safety.”
Air Transport World is an authoritative monthly magazine serving the needs of the global airline and commercial air transport manufacturing communities. Its renowned editors have been nominated for nearly every major aviation journalism award available thanks to their balanced coverage of the airline industry and incisive reports on trends.
ATW’s Airline Industry Achievement Awards were created in 1974 to recognise excellence across a broad range of airline operations and are widely considered as the most coveted in the aviation industry. The magazine is based in the United States with an editorial team that reaches across the world.
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