Abu Dhabi-based Etihad Airways is borrowing $1.5 billion to finance 16 aircraft, a senior official was quoted as saying.

"On top of this, we are also going to announce the $500 million financing for four A340-600s next month," Etihad’s executive vice-president for finance James Rigney was quoted as saying by the Gulf News.

The UAE national flag carrier’s revenue is likely to nearly double this year to $1.5 billion from last year's $800 million, he said on the sidelines of the fifth Middle East and Africa Airfinance Conference.

"We will also hold a roadshow for the $225 million finance package for two more A340-600s during the first quarter of next year," he said. "Going forward, we will seek roughly another $1 billion to finance a further 12 aircraft."

He said 52 per cent of Etihad's 37 aircraft have been financed through conventional finance leases, 10 per cent through Islamic finance leases and 14 per cent through operating leases.