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QNA
Doha
As many as 120 companies have registered with the Qatar Financial Center (QFC) since the Saudi-led siege of Qatar, increasing the investment volume by 200 percent, Qatar International Court and Dispute Resolution Centre (QICDRC) CEO Faisal Rashid al Sahouti has said.
In an interview with Al Raya newspaper, 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 Qatari economy.
QICDRC, he said, was a main factor in marketing QFC globally due to the role it played in resolving different civil and trade disputes. Since its establishment, he added, the centre has engaged in a number of major cases using senior judges with proven experience and international competence.
Describing QICDRC as international, Sahouti said, the centre not only has a diverse range of judges but also follow a system that is similar to the courts in most of the largest cities in the world.
QICDRC has 16 judges from 10 different countries, all of whom have long-standing experience in the judicial work in their countries, he said, adding that the centre was headed by the former Lord Chief Justice of the United Kingdom.
The chief executive said 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 with the previous years. This is due to the investors' trust in the court and the increase of investment in Qatar, he added.
Qatar International Court, he said, 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 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 to 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.
