Qatar Chamber has lauded the Shura Council's recent approval of a draft law establishing the Investment and Trade Court, saying this would help boost the country's bid as a business and investment hub.
"The draft law...is a new step in the march of supporting the growth of the national economy, enhancing the State's investment climate, and stimulating foreign investments," Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani stated in the latest edition of Al Moltaqa, the chamber's monthly economic magazine.
Sheikh Khalifa stressed that the move will significantly contribute to accelerating the pace of disputes settlement and achieving justice, as well as ensuring that all litigants have their rights as quickly as possible, especially that commercial disputes require speedy adjudication to avoid the disruption of businesses and projects.
"Without a doubt, Qatar has achieved great strides in the field of commercial arbitration through the establishment of specialised centres and the issuance of an independent law for commercial arbitration, in addition to the establishment of a court specialised in investment and economic cases," Sheikh Khalifa said.
According to Sheikh Khalifa, the new court would reassure investors and businessmen wishing to work in Qatar of speedy and effective ways to settle disputes, "thereby enhancing Qatar's position as a distinct destination for investment and business."
He said this step also comes within the framework of the directives of His Highness the Amir Sheikh Tamim bin Hamad al-Thani with the aim to achieve the Qatar National Vision 2030, which supports increasing the private sector's contribution in the State's inclusive development.
Sheikh Khalifa explained that the jurisdiction of the new court includes disputes related to commercial contracts, lawsuits arising between merchants and related to their business, disputes related to non-Qatari capital investment in economic activity, disputes related to the operations
of banks, insurance companies, financing and investment companies, bankruptcy disputes, bankruptcy preventive conciliation, patent disputes, protection of competition, prevention of monopolistic practices, combating practices harmful to national products in international trade, disputes related to e-commerce and its transactions, and disputes related to partnership contracts between the government and private sectors.
Sheikh Khalifa said, "In this regard, Qatar Chamber highly supports this step, which will have a positive impact on the business environment in Qatar."
He added: "The chamber has a long experience in the arbitration field through its Qatar International Centre for Conciliation and Arbitration, which, since its establishment 15 years ago, has played a pioneering role in the arbitration field.
"It has managed to settle a myriad of arbitration cases quickly and efficiently and organised a lot of events that touched on means of resolving commercial disputes."