Etihad Airways is the flag carrier airline of the United Arab Emirates. Established by Royal decree in July 2003 and based in Abu Dhabi, Etihad commenced operations in November 2003. The name derives from the Arabic word for "union" (الإتّحاد al-ittiḥād). The airline operates more than 1,000 flights per week to 96 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas, with a fleet of 85 Airbus and Boeing aircraft. In 2012, Etihad carried 10.3 million passengers, a 23% increase on the previous year, delivering revenues of US$ 4.8 billion and net profits of US$ 42 million. Etihad Airways is the fourth largest airline in the Middle East and it is the second largest airline in the United Arab Emirates, after the Dubai-based airline Emirates. In addition to its core activity of passenger transportation, Etihad also operates Etihad Holidays and Etihad Cargo.