Abu Dhabi’s Etihad Airways has hired BNP Paribas and Morgan Stanley as bookrunners on the $1 billion IPO it’s planning by the end of 2024, Bloomberg reports.

ADQ, the sovereign wealth fund that owns Etihad, previously picked Citigroup Inc., HSBC Holdings Plc and First Abu Dhabi Bank as lead advisers for the IPO, according to the news agency.

The IPO will create the first publicly traded major Gulf hub carrier as  Dubai-based rival Emirates also contemplates going public.

Etihad posted a five-fold increase in annual profit last year as it expanded to accommodate post-pandemic demand for international travel.