DOHA: Faisal Rashid Al Sahouti (pictured), Chief Executive Officer of the Qatar International Court and Dispute Resolution Centre (QICDRC), which comprises the Regulatory Tribunal of Qatar Financial Centre (QFC), has welcomed yesterday’s announcement by QFC regarding relocation to Doha’s new financial city in Msheireb Downtown Doha (MDD). “This will inevitably promote a more attractive environment for foreign direct investments and international financial companies in line with the Qatar National Vision 2030,” he said.
“This new designation complements QICDRC’s on-going strategy to improve and develop its judicial system, and expansion plans. It also complements the expansion of the QICDRC’s mandate, jurisdiction and specialisation ahead of the anticipated New QFC Law, which will enhance the capabilities and abilities of the courts to adjudicate disputes brought before it in a transparent, fair and efficient manner using modern means of communication, according to international best standards and practices”.
Al Sahouti also said that the QICDRC will serve as a “judicial safety regulator” to the new financial city which in turn will contribute to enhancing investors’ trust in the judicial.
The QICDRC was established under the provision of Law No. 7 of 2005 on the QFC. It comprises the Regulatory Tribunal of the Qatar Financial Centre (QFC) that has the jurisdiction to hear appeals raised by individuals and corporate bodies against decisions of the QFC Authority, the Regulatory Authority and other QFC institutions. It also comprises of the Civil and Commercial Court which has jurisdiction to look into civil and commercial disputes that arise between companies established under the QFC, or between companies established in the QFC and other companies operating in the State of Qatar.
The QICDRC, which is led by Rt. Hon Lord Phillips of Worth Matravers. The QICDRC brings together many high-calibre and prestigious judicial experts, including exceptional Qatari cadres and international judges with extensive experience in the field of commercial disputes and complex investment structures.
The Peninsula
