MarvicTM-CAD Director General Captain Charles Pace reiterated that with the launch of Aircraft Leasing Malta, we now have a whole ecosystem for the aviation industry based on the island.
Transport Malta has been working on this new legal framework for lessors for the past two years. No big names in the leasing industry were mentioned or identified by name, although it is a known fact that Irish Elix Aviation Capital has already used the Maltese register when its turboprops were in between leases.
There are two main giants in the aircraft leasing business – Ireland and Singapore, however Captain Pace said that lessors that he spoke to were keen to have another EU jurisdiction that could handle this business which should prove to be an added bonanza for local lawyers and accountants.
There are various elements that make Malta attractive in this sphere including its trained workforce and the double taxation agreements in place.
The press conference was also addressed by Minister Dr Ian Borg who made reference to how Knighthood Capital were approached about two years ago. Interestingly, Knighthood Capital was set up by ex-Etihad CEO James Hogan who was unceremoniously removed in early 2017 after the Abu Dhabi based group registered a staggering $2.5 billion loss. Both Minister Ian Borg and Prime Minister Dr Robert Abela were adamant this new initiative will be a success.
Cover photo: Andrè Abela ©
Chris
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