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The United Arab Emirates and the Cape Town Convention
03 March 2009
Peter Caley, Associate in the Transport Finance team, Reed Smith, explains what impact the Cape Town Convention has had on the UAE.
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[UAE]
[Cape Town Convention]
[GCAA]
[aircraft mortgages]
On 1 August 2008, the UAE ratified
the Convention on International Interests on Mobile Equipment together with the
Protocol on Matters Specific to Aircraft Equipment making it the twenty-third
country to do so following the signing of the Convention in Cape Town in 2001.[1]
The expressed intention of the
Convention is to establish an international regime for the creation,
enforcement, registration and priority of security interests and interests held
by chargees, conditional sellers and lessors in high value, uniquely
identifiable mobile equipment; the Convention covers three types of movable
assets – aviation related assets, rail assets and space assets. As part of the Convention, an
International Registry has been established allowing the online registration of
these rights and interests.
Despite
the increasing number of aircraft financings regularly carried out by UAE based
airlines, lessors and operators there is still a significant degree
of unfamiliarity on the part of a financier as to what UAE law...
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