Share sales bring EFG Hermes’ total GCC IPO count to nine this year
business1 day ago
The UAE on Wednesday launched the 'Golden Package' for pilots, private aircraft owners and business aviation service providers in the country.
Under the new initiatives announced by the General Civil Aviation Authority (GCAA), there is no age limit to register aircraft, subject to compliance with regulatory standards.
Additionally, the package includes Registration Code Personalisation, providing aircraft owners with the option to select a registration code from an available list, allowing them to tailor their aircraft registration adding a bespoke touch to their fleet.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Furthermore, the GCAA’s new laws permit the hiring of independent flight crews, freelancers, or part-time professionals so that private operators can adapt to evolving needs while maintaining high standards of compliance and efficiency.
In addition, it introduced a ‘one-stop shop’ solution for quick ownership and registration processes of assets, as well as seamless transfers between UAE entities, ensuring operational continuity.
The ‘Golden Package' also eliminates the requirement for pilots’ exams during validation and enables the transfer of foreign licenses within just three days. Additionally, the adoption of local licenses removes the need for operators to travel abroad for license verification, further enhancing efficiency.
A key highlight of the latest initiative is that aircraft owners can independently manage and operate their aircraft without reliance on an operator, significantly reducing registration costs for private aircraft and offering owners enhanced flexibility and diverse operational options.
Moreover, the ‘Golden Package' also include granting 100 per cent ownership rights for airline operators or aircraft owners, eliminating the need for local partnerships, and the option to operate under a commercial license from a UAE free zone, as well as allowing operators to commence activities with just one aircraft, a significant shift from the previous requirement of a minimum of two aircraft.
Eng. Aqeel Al Zarouni, assistant director-general for aviation safety affairs at the UAE’s GCAA, said the package includes the review and development of over 24 services related to the operations and registration of private aircraft, reducing the time to issue an air operator certificate (AOC) from two years to a maximum of 60 to 90 days.
Al Zarooni announced the establishment of the Business Aviation Advisory Council under the GCAA to address challenges, streamline processes, and promote the growth of general aviation within the UAE.
He also announced the introduction of a 'one-stop shop' along with the 'Dedicated Ambassador,' a single point of contact for seamless support, for individual private jet owners and private aviation firms.
He elaborated that a ‘one-stop shop’ unifies all processes related to Air Operator Certificates (AOC) and Air Operating Authorisations (AOA) to simplify administrative tasks, boost efficiency, and deliver a seamless, user-friendly experience for operators and aircraft owners.
“Our expectations about the private aviation business are high. Now, we have around 87 aircraft operating specifically for private operations. There are many yet to come. We are aiming to double or triple those figures in a short timeframe,” said Al Zarouni.
ALSO READ:
Share sales bring EFG Hermes’ total GCC IPO count to nine this year
business1 day ago
ACI Worldwide projects $30 million in losses by 2028
business1 day ago
Leading bitcoin miner expanded its operations in South America and Sweden
business1 day ago
From what he’s witnessed, the children of some business owners are involved only after completing their education and are often given managerial positions right away
business1 day ago
Financing unprecedented amid challenging early-stage startup climate
business1 day ago
India’s apex bank allows lenders to offer higher rates
business1 day ago
Employees across both markets are motivated by accountability, achievement and commitment at work
business1 day ago
The UAE capital is completing the world’s largest genome project, along with the most comprehensive reference genome
business1 day ago