Abu Dhabi National Exhibitions Company (ADNEC) is moving forward with a diversification strategy, taking over Etihad Holidays from Etihad Airways.
ADNEC is part of holding company ADQ, owned by the Abu Dhabi state.
As Etihad is also owned by the government, the deal effectively transfers the business from one part of the state to another.
“We hold a long-term investor perspective in identifying and acquiring key assets in developed markets.”
He added: “This decision further reinforces our commitment to investment in growth opportunities which will deliver long term returns to the group.
“ADNEC Group has wide-ranging experience in overseeing successful tourism and hospitality assets and will bring the same insights and strategic focus to ensure the continued success of this important entity.”
Tourism 365 will operate Etihad Holidays, taking it from a platform focused on the local market to a fully-fledged tour operator supplying online and traditional travel agencies with Etihad network holiday packages from key source markets.