The Isle of Man's role as an emerging major aircraft asset financing centre is set to grow, according to a leading lawyer who is part of a 55-strong delegation to visit the Gulf in the wake of Dubai 2000.

Simon Schmidt of Cains Advocates, whose firm arranged $2 billion worth of aircraft leasing business in a single month recently, says: "This success has been achieved in innovative and imaginative ways, taking advantage of the Isle of Man's 'special purpose vehicles', its well-regulated environment and the unique working relationship which exists between its public and private sector."


Schmidt is to outline the special purpose vehicles and the use of Ijara (Islamic leasing structure) during a conference road show to the UAE and Bahrain from 20-24 November.

The conferences will address a range of issues, from the role of Ijara and other asset finance, to structuring funds on the Isle of Man and international tax planning.

Andrew Smith, business development executive, International Services Division of the Isle of Man government, says: "Response to the conference among the Gulf's financial and business community has been encouraging, particularly for the Dubai event which has already attracted more than 120 delegates."

Source: Flight Daily News