A number of businessmen and law experts considered that the Shura Council’s approval yesterday of the draft law establishing the Investment and Trade Court is a quantum leap in the life of the Qatari economy, noting that the coming period actually requires the establishment of such specialized courts because of their speed in adjudicating disputes related to commercial contracts. And lawsuits arising between merchants and related to their business, as well as disputes related to the investment of non-Qatari capital in economic activity, disputes related to the operations of banks, insurance companies, financing and investment companies, and disputes related to bankruptcy and bankruptcy reconciliation.
Lawyer Ahmed bin Mohammed Al Thani confirmed that the draft law establishing the Investment and Trade Court comes within the framework of the legislative development witnessed by the State of Qatar, in implementation of the Qatar National Strategy 2030, and the establishment of the Investment and Trade Court is a quantum leap in the direction of courts towards specialization, which leads to speedy decision-making. In investment and trade issues, while improving performance in order to achieve the goal of prompt justice.
For his part, businessman Shaheen Al-Mohannadi said that Qatar was able to take positive steps in the field of investment litigation and commercial arbitration through the establishment of specialized centers and the issuance of an independent law for commercial arbitration, in addition to the establishment of a specialized court in investment and economic affairs. And he indicated that the existence of clear foundations for commercial litigation enhances the investment economic system in the country, pointing out that the establishment of the new Trade and Investment Court will address many important issues in the field of commercial cases.
He explained that the presence of a court concerned with trade and investment issues as a means of resolving disputes that occur between them will enhance confidence in the Qatari economy with foreign companies and support the general investment climate in Qatar, in addition to the issuance of the Commercial Arbitration Law, which will lead to attracting more foreign investments and the direction of more international companies. To the Qatari market, pointing out that the majority of major commercial contracts in various fields need speed in litigation, especially since these investments require the presence of a specialized court that guarantees speed of litigation.
Regarding the Shura Council’s approval yesterday of the establishment of the Trade and Investment Court, he said that the establishment of the court is important and comes within the context of modernizing the legal legislative environment for the national economy, noting that the presence of the court will have a good role in investment cases in the future and a positive impact on the national economy.
In addition, businessman Fahd bin Abdul Rahman said that the existence of a court specialized in investment and commercial cases supports the investment environment in the State of Qatar, pointing out that the establishment of the court came as part of a package of new economic legislation and laws with the aim of creating an investment environment attractive to investors from abroad. He explained that the court will contribute to attracting international companies in various fields and increasing investments, stressing that the Qatari private sector welcomes all investments that would contribute to the exchange of experiences that are in the interest of partners, noting that spreading the culture of commercial litigation enhances the benefit of government incentives for the private sector. the local.
He pointed out that investors and businessmen are always looking for methods of commercial litigation in any country they wish to invest in, pointing out that the presence of a commercial court in the State of Qatar in addition to the Commercial Arbitration Law is an additional advantage for the national economy, as resorting to traditional courts and the procedures that follow them. Long disrupts the interests of the parties to the conflict.
Al-Shirawi: Protects capital and private sector investments
Engineer Jassim Muhammad Al-Shirawi said that the country has been able in the past years to consolidate its global position in various fields, especially economic ones, which comes in line with the vision and directives of the wise leadership of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the country, for all state agencies and sectors towards achieving Vision 2030 He added that the establishment of a specialized court in investment and trade, which is considered an embodiment of the principle of the specialized judiciary, is a successful step that, God willing, will be in the interest of the economy, and with it a new era in the state that will support investment and protect capital and private sector investments, will be reflected in its speed in resolving various commercial and investment disputes. And it enables the competent authorities to reduce the period of litigation and apply rapid mechanisms for implementation to prevent the freezing of capital and not benefiting from it, which creates an appropriate environment for the continuity of the various activities of the private sector and the protection of its investments. Al-Shirawi stressed that the decision has a definite support for the national economy, raising economic growth rates, and pushing the wheel of development in the country.
Dr. Ghada Carbon: The court is a role model in the region
Attorney Dr. Ghada Muhammad Darwish Carbon said that the draft law establishing the Trade Court comes within the framework of the efforts made by the state to develop the judicial and legal system, noting that the Trade Court will be a role model in the region, as it will contribute to strengthening the investment environment, facilitating procedures and overcoming all difficulties. In front of investors, and creating an attractive climate for investment that would support the country’s march in all fields, especially the economic ones.
Dr. Carbon added, “There is no doubt that this court will enhance the investment environment through rapid settlement of cases involving investors and investment in general, with full transparency and impartiality, which reassures investors and capital owners of their investments, and supports and enhances the position of the State of Qatar on the business and investment map, leading to achieving Qatar Vision 2030. She noted that this court will also simulate economic developments in the world to create a stimulating environment for business and investment, and for all companies wishing to establish to conduct their business during the coming period, especially since the State of Qatar has great experience in this field through its membership in the Arab Investment Court of the League of Arab States.
She pointed out that the State of Qatar has accomplished a number of important legislations during the past years under the directives of His Highness Sheikh Tamim bin Hamad Al Thani, the Emir of the country, where His Highness focused on many occasions on the importance of developing the judicial system and the continuous updating of legislation, which in turn will contribute to supporting the nation’s march. In all fields, especially economic ones, attracting more investments, strengthening Qatar’s economic position regionally and globally, and opening up to the world.
Sourse: Lusail Newspaper