Doha: Qatar International Court and Dispute Resolution Centre (QICDRC) CEO Faisal Rashid Al Sahouti said that 120 companies have registered with Qatar Financial Center (QFC) since the siege was imposed on Qatar, an increase of 200 percent in investment volume compared to the same time last year.
In an interview with Al Raya Newspaper, Al Sahouti said the increase in investments despite the unjust siege reflects the investors’ trust in the Qatari economy and the failure of the siege countries’ plans to harm the economy.
He added that QICDRC was a main factor in marketing QFC globally thanks to the role it played in resolving different civil and trade disputes. Since its establishment, he added, it has engaged in a number of major cases using senior judges with proven experience and international competence.
Al Sahouti said that describing QICDRC as international is not only a result of the diversity of its judges but also because the followed system is the same as in most courts in the world’s largest cities that attract capital. Al Sahouti explained that it has 16 judges from 10 different countries, all of whom have long standing experience in the judicial work in their countries adding that the QICDRC is headed by the former Lord Chief Justice of the United Kingdom. He revealed that there are two levels of litigation before the court, after which the judgments become final and enforceable, and may not be appealed to any other party.
He added that the number of cases heard by the court has increased by 15 to 20 percent annually, noting that there was a significant increase of 70 percent between 2016 and 2017 in comparison to the previous years. This is due to the investors’ trust in the court and the increase of investment in Qatar, he added.
Al Sahouti said that Qatar International Court has contributed to doubling the number of registered companies with QFC between 2010 and 2015 as the increase took place since establishing the court created confidence for the investors.
With regards to the future development plans of the court, he said that its development must proceed in a gradual and stable manner, adding that a new law will be issued for QFC and is currently in its final stages.
The QICDRC CEO explained that the law will expand the court’s jurisdiction making it supervisor not only of QFC but is likely to oversee companies operating elsewhere in the country to enhance the confidence of foreign investors to work in Qatar.
He added that the new law will allow the court to expand the scope of the arbitration process, where it will be activated through the establishment of an independent center under the umbrella of the court and will operate independently. In addition, the largest international arbitration centers will be attracted to open branches in QFC and Dispute Resolution Centre, following the transfer of the court next year to the financial district of Msheireb, he said.
Al Sahouti said the financial district will hold a building exclusively for the court and the international arbitration centers which have showed interest in opening branches here in Qatar, which will make Qatar an international hub for settling trade disputes, where major companies will head to for regional or national or international disputes. Qatar International Court will be supervising the arbitration, he added.
In addition, he announced the signing of bilateral agreements in the near future with a number of the most important business capitals in the world of finance and business at the international level. Such agreements would serve as bridges of justice between the most important capitals of the world, contributing to the transmission and implementation of judgments, he added.
As for cooperation between Qatar International Court and Foundation of Qatar Sports Arbitration (FQSA), Al Sahouti said the foundation opened a branch in the Dispute Resolution Centre of the court, in aim to resolve sports disputes. He added that this comes in the future plans of moving to the new building of the court in Msheirab, including headquarters for courts, dispute settlement centers, arbitration institutes and arbitration centers, so that the building is an international point for settling disputed and a place for cases since its start to the implementation stages.
On opening a branch of Chartered Institute of Arbitrators (CIArb) in Qatar, he revealed that the institute is the first in the world in the field of training and qualification of arbitrators. The institute has 80 branches worldwide with Qatar’s branch being the first in the Middle East and North Africa and will organize training courses and prepare awareness lectures for arbitrators or persons who want to work as arbitrators.
Source:https://thepeninsulaqatar.com/article/18/04/2018/120-companies-register-with-Qatar-Financial-Center-since-siege-began-Official