HOSPITALITY
By admin • Dec 29th, 2008REGULATION
DIFC drafts insolvency laws
for public consultation
DUBAI – Dubai International Financial Center (DIFC) has released its proposed updates on the DIFC Companies Law and the DIFC Insolvency Law for public consultation. The Companies Law has been updated to include the registration requirements laid down by the DIFC Registrar of Companies, while the Insolvency Law has been updated to include changes in applications and procedures for winding up Protected Cell Company (PCC) structures used by insurers to provide an easy and cost-effective way for smaller organizations to establish captive insurance units. DIFC has updated the regulations in response to industry concerns about market conditions. Following the consultation process, the draft bills will be presented for legislation to the Ruler of Dubai. As DIFC is a federal financial Free Zone, it has been granted the authority to self-legislate on civil and
commercial matters. DIFC adopts a legal framework based on juridical practices from Europe, North America and the
Far East.
AVIATION
Middle East orders 33 pc
of Boeing’s Business Jets
DUBAI – Boeing Business Jets (BBJ) orders in the Middle East represent the largest total for BBJ and VIP airplanes at 33 percent and this region is the principal hub for 747s used by governments, charters and private individuals.Middle East customers account for all of Boeing’s current orders for 747-8 VIPs and 70 percent of orders for the larger, longer range BBJ 2s and BBJ 3s. This trend continues with nearly half of orders for 787 VIPs placed in the region. Since the launch of BBJs in 1996, sales have reached 197 airplanes, with 122 aircraft currently in service and 17 more having been delivered to completion centers for their interior installations service.
