Competition is picking up in the Middle East aviation market as Gulf countries seek more ways to extract value from diversifying their economies.

In the UAE, Abu Dhabi-based Etihad, backed by the ADQ sovereign wealth fund, is considering an IPO, which would make it the first Gulf carrier to go public, Bloomberg reports.

In Saudi Arabia, which is launching Riyadh Air as a second flag carrier, budget airline Flynas said in December that it is looking into a public share sale.