UAE's Etihad Airways agreed to increase its stake in Airberlin to 29.21 percent, becoming the German carrier's largest shareholder,

and establish a "wide ranging strategic partnership." The airlines indicated they would apply for antitrust immunity to coordinate sales and marketing activities and implement "an extensive codeshare agreement" linking their networks. As part of the partnership, Airberlin will switch its Middle East operations to Abu Dhabi from Dubai and launch Berlin-Abu Dhabi service on Jan. 15, 2012. Etihad previously held a 2.99 stake in Airberlin. As part of the new deal, it will provide the German airline with "five-year financing facilities of up to US$255 million to support fleet development and future network growth" and claim two seats on Air Berlin plc's board of directors. "We now have a portfolio of 34 quality airline partners, but this is our first equity investment in another airline," according to Etihad CEO James Hogan. "Through Airberlin, we gain immediate access to a broad and complementary European market, with outstanding connectivity options for customers of both airlines."