Dubai-based law firm Ince Al Jallaf & Co has registered the first UAE aircraft and expects to see the market for aviation financiers open up after the Emirates became the newest addition to sign the Cape Town Convention.

The convention establishes international standards involving aircraft, on various issues covering ownership registrations, sales and lease contracts, and the legal terms for financing agreements. The region's aviation industry is expected to benefit from the access to lower cost debt for aircraft financing. This will further strengthen the booming aviation sector which is reportedly experiencing increasing air traffic growth rates.

"The timing of the convention is good as it allows the airlines to obtain more finance from the market, making aircraft financing more flexible," said Ince partner Amna Al Jallaf.

The law firm is the UAE's designated direct entry point to the international registry, which means that the firm itself, not the deal parties, handles all UAE registrations of aircraft on the international registry.