Abu Dhabi-based Etihad Airways said on Tuesday it expected revenues to grow 24 percent to $3.1 billion this year as it takes deliveries of 11 aircraft and boosts passenger numbers by adding at least six new routes.

'We are taking a bullish approach in 2009 despite tough market conditions,' Etihad Chief Executive James Hogan told an aviation summit in the capital of the United Arab Emirates, the world's fifth-largest oil exporter.

'There are risks, there's a global recession and we are seeing weakening currencies, softening demand worldwide, volatile oil prices. But 2009 and 2010 are also years for Gulf airlines to continue to grow.'  

After several years of rapid growth, Middle Eastern airlines are likely to double their losses to $200 million in 2009 as they feel the pinch of the global financial crisis, the International Air Transport Association said last month.

Still, total passenger and cargo traffic would grow about 1.2 percent this year, IATA said.

Hogan said Etihad planned to increase its fleet to 152 aircraft by 2020 from 42 at the end of last year, and expects to carry 25 million passengers.

In 2009, the airline's load factor -- an indication of seats sold as a percentage of capacity -- would rise to 77 percent, while its yield from sales of airline tickets advances 8 percent, he said.

That would primarily happen as Etihad adds new routes this year, including to Melbourne, Athens, Istanbul, Chicago, Larnaca and Hyderabad. It would also look to sign code-sharing agreements with other airlines to enhance its network without flying to destinations directly.

'We also plan to increase (flight) frequencies to Amman, Beirut, Brussels, Cairo, Geneva, Manila, Milan and Moscow and our expansion will be supported by 11 new aircraft deliveries this year,'Hogan said.

Last year, Etihad finalised a $10 billion, 51-plane order from Airbus. The airline, which earned $2.5 billion in revenues in 2008, was not eyeing stakes in other airlines, he added. In January, the carrier said it did not bid for Greece's Olympic Airlines.

'No, we are not looking at equity. Our strategy is to build the airline business, hotels and the holidays division.' - Reuters