ASIA Travel


UAE signs Cape Town Convention as Air Finance Sector Feels the Pressure

Search ASIA Travel Tips .com Latest Travel News Send to Friend Tuesday, 21 October 2008

Aviareto has confirmed the first registration of interest pertaining to an United Arab Emirates (UAE) aircraft on the International Registry of Mobile Assets, following the UAE’s signing of the Cape Town Convention effective 1 August 2008.

The UAE’s accession to the Cape Town Convention means that one of the world’s most buoyant aviation markets can benefit from access to lower cost debt for aircraft financing. The UAE has some of the fastest air traffic growth rates in the world with six international airports, the busiest being Dubai which aims to serve 30 million passengers a year by 2010, four national airlines and a growing number of low-cost carriers.

Airlines registered in the UAE are now eligible for improved financing as a result of financiers, leasing companies, and manufacturers reducing their risk by having access to the International Registry of Mobile Assets, the global database established under the Cape Town Convention which records security interests and their legal priority. The International Registry is based in Dublin, an aviation finance centre of excellence, and is managed by Aviareto Limited, a joint venture between the Irish Government and SITA, under the supervision of the International Civil Aviation Organization (ICAO).

The UAE, through its General Civil Aviation Authority opted for the use of a central organisation as a Direct Entry Point (DEP) to the International Registry. This means that all registrations of interests pertaining to UAE registered aircraft are entered in the International Registry, not by the parties to the deal themselves, but by the DEP. The parties are however still required to approve the registration digitally and therefore will require an account on the International Registry. Details of how registrations can be entered into the International Registry through the DEP are available on the International Registry Website, FAQ section.

A Dubai-based international airline has recently raised US$265 million for the financing of two new Boeing 777–300ER aircraft. The transaction involves long-term leases for a period of 12 years.

Rob Cowan, Managing Director of Aviareto, said, “We are very pleased this significant and growing aviation country has ratified the Convention. In order to serve the needs of the international aviation community better, including the UAE, we will be making a significant upgrade to the International Registry. Beginning in October, key documents, including the Regulations and Procedure of the International Registry, will be made available progressively in the six official ICAO languages, which include Arabic. Our goal is to make the Registry as accessible and easy to use as possible.”

To date, 23 countries have ratified the treaty: Afghanistan, Albania, Angola, Cape Verde, Colombia, Ethiopia, India, Indonesia, Ireland, Kenya, Luxembourg, Malaysia, Mexico, Mongolia, Nigeria, Oman, Pakistan, Panama, Saudi Arabia, Senegal, South Africa, UAE and USA.

Over 150,000 registrations have been made online while 43 manufacturers supply over a quarter of a million serial numbers for airframes, engines and helicopters to the Registry.

See other recent news regarding: Airlines, Aviation, Flights, HotelsPromotions, New Hotels, UAE, SITA

Subscribe to our Latest Travel News Daily Email Free of Charge by simply entering your email address to the right. You can also stay updated with our RSS Feed Free Travel News RSS Feed and even add the travel news to your website. Have questions? Please read our travel news FAQ.
Sustainable Hotels and MICE. Exclusive HD video interview with Grace Kang, Managing Partner of Greenview Hospitality. Criteo Travel Flash Report 2016. Exclusive HD video interview with Mr. Daniele Beccari, Global Head of Travel at Criteo. Chef Fernando Arevalo, originally from Bogota, Colombia, worked his culinary magic in New York and Hong Kong before moving to Singapore where he is today the Executive Chef of Artemis Grill on the 40th floor of Singapore's newest green building - CapitaGreen.
Sustainable Hotels and MICE Criteo Travel Flash Report Colombian Chef in Singapore
Exclusive HD video interview with Mr. Hiroshi Sawabe, Executive Director of the Office of International Tourism, at JATA (Japan Association of Travel Agents). In this interview filmed on 24 September at the JATA Tourism Expo 2016 in Tokyo, Japan, Mr. Sawabe speaks to Steven Howard of TravelNewsAsia about the status of tourism within the country. HD Videos from Sabre's Travel Technology Exchange APAC 2016. Sabre, a leading technology provider to the global travel industry, hosted over 500 members of the Asia Pacific travel industry at its inaugural Asia Pacific Travel Technology Exchange (TTX) conference in Beijing from 21 to 24 September 2016 Spa and Wellness Industry - HD Video Interview with MD of Thailand-based Destination Spa Management, Joy Menzies.
Japan Tourism Update Sabre TTX APAC 2016 Destination Spa Management
Jonathan Wigley, CEO of Travelodge Thailand, outlines expansion plans in HD Video Interview. Exclusive HD video interview with Myanmar's Minister of Tourism and Hotels, H.E. U Ohn Maung, about the status of tourism in the beautiful and mystical country of Myanmar (formerly known as Burma). Birth of a Luxury Thai Hotel Brand - HD Video Interview with Christopher E. Stafford, Chief Operating Officer of the newly formed 137 Pillars Hotels & Resorts.
CEO of Travelodge Thailand Myanmar Tourism Update Birth of Luxury Thai Hotel Brand
This HD video tour of Thai AirAsia X's brand new 337-seat Airbus A330-300 aircraft was filmed at Don Mueang Airport in Bangkok, Thailand on 14 May 2014  Exclusive HD video interview with Jaime J. Bautista, President & Chief Operating Officer (COO) of Philippine Airlines (PAL) HD video of the interior and exterior of a Thai Vietjet Airbus A320-200.
Thai AirAsia X A330-300 PAL President & COO Thai Vietjet A320-200
Inside Qatar Airways Boeing 787-8 Dreamliner - HD Video It takes 800 workers between 65 and 80 days to assemble, install, test, paint, furnish and deliver an Emirates Airbus A380. Showers, Bars, Lounge - The Emirates Airbus A380 Has Them All - HD Video Tour Thai Airways International Takes Delivery of Brand New Boeing 777-300ER
Qatar Airways B787 Emirates A380 Thai Airways B777-300ER

Latest Travel News

Copyright © 1997-2017