(Bloomberg) -- Etihad Airways plans to retrofit Boeing Co. 777 aircraft brought out of storage with new interiors, as the Abu Dhabi carrier seeks to capitalize on growing travel demand amid a shortage of new jets.
The Abu Dhabi carrier plans to start the overhaul of part of its fleet in 2026, the earliest date that the airline can source aircraft seats from suppliers, Chief Executive Officer Antonoaldo Neves said at an aerospace summit in Abu Dhabi Wednesday. Until then passengers traveling on the older model get a consolation in form of free Wifi, the airline said.
“Given the constraints that we have in the global aviation market, there are no planes available,” Neves said, adding that the interiors of the planes are “a little bit dated” and in need of an upgrade.
Etihad has 25 of the newest Boeing 777 model — at one point earmarked to fly commercially in 2020 and now probably delayed at least until sometime next year — on order. Those years-long delays have forced neighboring Emirates into some costly design changes. The Dubai-based airline has also expanded its own retrofit program to include more jets, paying an additional $1.5 billion, as certification of the aircraft falls behind on schedule.
The upgrade move by Etihad is part of a $7 billion investment in the airline over the next five years, including doubling the fleet size, rearranging the network, and adding new routes. Bloomberg reported earlier this year that Etihad is planning an initial public offering, though Neves said on Wednesday that a decision has not yet been made on the deal.
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