LONDON, UK, October 24, 2008
/24-7PressRelease/ -- The first United Arab Emirates aircraft has been registered on the International Registry of Mobile Assets by Ince Al Jallaf & Co in Dubai. Ince Al Jallaf & Co is the UAE's designated organisation acting as Direct Entry Point (DEP) to the International Registry, following the UAE's signing of the Cape Town Convention effective 1 August 2008.
The UAE is the first country to elect to use a DEP, which 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 Ince Al Jallaf & Co. The parties are however still required to approve the registration digitally and therefore will require to be registered as Transaction User Entities on the International Registry. Details of how registrations can be entered into the International Registry through Ince Al Jallaf & Co are available on the International Registry website, FAQ section (www.internationalregistry.aero).
Based in Dublin, the International Registry of Mobile Assets is a global database established under the Cape Town Convention, which records security interests and their legal priority. The UAE's accession to the Cape Town Convention means that airlines registered there are now eligible for improved financing as a result of financiers, leasing companies and manufacturers reducing their risk by having access to the Registry.
This now means that the UAE, the world's most buoyant aviation market 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 four national airlines, a growing number of low-cost carriers and six international airports. Dubai, the busiest of the six, aims to serve 30 million passengers a year by 2010.
Amna Al Jallaf, partner of Ince Al Jallaf & Co said, "The fact that national carriers of the UAE now have access, through the International Registry, to lower borrowing costs will further strengthen the aviation sector in the Federation. Our role as a Direct Entry Point to the Registry will streamline registrations and facilitate the overall process for the industry players."
To date, 23 countries have ratified the treaty: Afghanistan, Albania, Angola, Cape Verde, Columbia, Ethiopia, India, Indonesia, Ireland, Kenya, Malaysia, Mexico, Mongolia, Nigeria, Oman, Pakistan, Panama, Senegal, South Africa, Syrian Arab Republic, UAE, USA and Zimbabwe. 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.
For further information please contact: David Tomlinson, Marketing & Communications, Ince & Co London, tel. +44 (0)20 7481 0010 david.tomlinson@incelaw.com
Notes to Editors
Ince Al Jallaf & Co has grown from leading law firms Ince & Co and Dubai-based Al Jallaf Advocates & Legal Consultants. Ince & Co is an international law firm with 85 partners.
Ince & Co is an international law firm with 85 partners, of whom over 60 advise in shipping and related matters. The Ince network includes offices in Dubai, Hamburg, Hong Kong, Le Havre, Paris, Piraeus, Shanghai and Singapore. The firm's lawyers practise English, French, German, UAE (including Shariah) and Hong Kong law.
Lawyers in the firm advise in the following business areas: Aviation; Business & Finance; Commercial Disputes; Energy and Offshore; Insurance & Reinsurance; International Trade and Shipping. Our teams regularly use knowledge of one sector to advise clients in another.
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