The United Arab Emirates' national carrier, Etihad Airways, said on Sunday that it has moved forward in proposed plans to invest in Italian airline Alitalia.

"Upon confirmation by the board of Alitalia and its stakeholders of their acceptance of these terms, airlines Etihad and Alitalia will proceed to final documentation in order to complete the proposed transaction, in line with European Union and other regulatory requirements," the two carriers said in a joint statement which did not specify any details of the terms and the investment size.

Etihad Airways said in February that it aimed to buy 49 percent of Alitalia stake, as the latter has been flying in a financial crisis for several years.

The investment in Alitalia will "give more choice and broader travel opportunities to business and leisure travelers into and out of Italy," Etihad said. As for Alitalia, the deal will " provide financial stability and confirms Alitalia's key strategic role as an infrastructure player in the travel and tourism industry in Italy for long-term growth."

Last year Alitalia was kept afloat by a rescue package worth 500 million euros (681.65 million US dollars), 60 percent of which were raised through a capital increase and the rest provided by bank loans.

Etihad Airways, which has already shares in Air Berlin and Air Serbia, has been growing since its inception in July 2003, mostly through partnerships and acquisitions.