Contrasted to the previous year, there were 69% more lawsuits sent to the court in 2022.
More than QAR 1 billion well worth of cases were adjudicated by the Qatar International Court as well as Dispute Resolution Centre which saw an enormous increase in claims in 2022, according to the Gulf state’s state news company.
This includes claims including the banking and economic markets, insurance claims of agreement violations, debt healing, work disagreements, insurance-related cases, as well as cases of regulatory infractions.
Talking With Qatar Information Company (QNA), Faisal bin Rashid Al Sahouti, CEO of QICDRC, attributed the sharp rise in the number of cases submitted with the court to the boost in the quantity of properties handled by the Qatar Financial Centre (QFC), which currently totals concerning $28.3 billion, along with the increase in the number of QFC-registered business, which has increased to nearly 1,500.
There were 69% even more suits submitted with the court in 2022 compared to the previous year, which the CEO declared resulted from the development of company task in the Qatar Free Zones Authority (QFZA) as well as QFC.
In the very first year of its launch, small cases composed 45% of all claims made, while 90% of all situations were handled, in entire or in part, via the digital case administration system.
Firms are called for to execute QICDRC judgments and also orders, like any kind of various other court in the country.
What is the Qatar International Court as well as Dispute Resolution Centre?
The QICDRC is largely composed of a court with knowledge in the settlement of civil and also organization disputes along with a governing tribunal entrusted with hearing appeals of decisions made by the QFC Authority, the QFC Regulatory Authority, as well as various other QFC establishments.
The QICDRC was started as the final component of Qatar’s campaign to establish a top international monetary centre. It was planned to advance Qatar’s initiatives to diversify its economic situation according to the Qatar National Vision 2030 by drawing in international straight investments and foreign companies to Qatar.
The court supplies a quick and also economical dispute resolution procedure to plaintiffs who select to use it to resolve their conflicts.
Last Updated: 21 February 2023
