Today, the Qatar Financial Center held a seminar entitled “A New Destination for the Aircraft Financing Sector”, through visual communication technology, in cooperation with the Free Zones Authority, PwC, K&L Gates, Maggie Capital Aviation and Aventcom Capital Management.
The symposium shed light on the strategic role that the aviation sector plays as a key component in the global economy and the suitability of the legal and tax system for the QFC to become a new destination for the aircraft financing and leasing sector, in addition to providing a comprehensive overview of the most prominent developments in the aviation industry.
Participants in the symposium discussed current market trends in light of the challenges resulting from the outbreak of the Coronavirus (Covid-19 /), and the main factors that may contribute to accelerating the pace of growth in the aircraft financing and leasing sector, with a focus on the competitive advantages offered by the QFC in this area and emerging opportunities. In the wider aviation sector in the State of Qatar.
The activities of the symposium touched on the findings of the latest reports issued on the suitability of the tax and legal system at the Qatar Financial Center for the aircraft financing and leasing sector, and what the QFC can offer as a new destination for this sector.
During his intervention, Mr.Youssef Mohamed Al-Jaida, CEO of the Qatar Financial Center, said, “The aviation industry continues its efforts to recover from the negative repercussions of the Coronavirus (Covid-19 /), and we are confident that the new vaccines will contribute to reviving travel movement worldwide.
He pointed out that the opportunity is ripe for the aviation sector to rearrange itself to make it more capable of facing global challenges, and the private sector will have a prominent role in that.
Al-Jaida added that “the comprehensive and integrated tax and legal system enjoyed by the Qatar Financial Center qualifies it to be a major center for the aircraft financing and leasing sector, and to contribute to enhancing the growth of this sector’s potential in the State of Qatar and the region in general.”
The Qatar Financial Center provides a prominent platform that allows companies registered in it to enjoy many competitive advantages, such as the right to foreign ownership of up to 100%, the possibility of transferring all profits abroad, a corporate tax not exceeding 10% on local profits, and working within the framework of a network subject to an agreement. Expanded double taxation encompassing more than 80 countries, operating within a legal environment based on common English law and the right to do business in any currency.