Wednesday 29 / January / 2025
MUSCAT: The Supreme Judicial Council and Oman Chamber of Commerce and Industry (OCCI) reaffirmed the significance of the Royal Directives of His Majesty Sultan Haitham bin Tarik on completion of the procedures for establishment of the Investment and Commerce Court to provide a stable legal environment that attract foreign investments and upgrades the competitiveness indicators of Oman’s economy.
Sayyid Mohammed bin Sultan Al Busaidi, Vice President of the Supreme Judicial Council, said that the Supreme Judicial Council will implement the Royal Directives of His Majesty the Sultan in relation to implementation of the strategic plan of the Supreme Judicial Council and the operation plans in a way that keep abreast of the latest developments in the field and the aspirations of citizens and in consistent with Oman Vision 2040 and His Majesty’s directives on completion of the procedures and issuance of the organisational structure of the Supreme Judicial Council and establishment of the Investment and Commerce Court.
He said that His Majesty’s directives on completion of the procedures for establishment of the Investment and Commerce Court represent a significant step in the Omani judicial march.
The Investment and Commerce Court is concerned with all cases of which a merchant is a party to the case and whose business and arising disputes relate to the investment contract. This court will mitigate the pressure on the other courts, he added.
He said that the establishment of a court specialised in investment issues would contribute to creation of a stable legal environment that encourages attraction of foreign investments and would upgrade the indicators of competitiveness of Oman’s economy.
Qais bin Mohammed Al Yousef, Minister of Commerce, Industry and Investment Promotion, said that the directives of His Majesty to complete the procedures for establishing the Investment and Trade Court, come as an affirmation of His Majesty’s keenness to develop the investment and trade sector and enhance the investment environment in the Sultanate of Oman in line with the aspirations of the Oman 2040 vision.
Faisal bin Abdullah Al Rawas, Chairman of Oman Chamber of Commerce and Industry (OCCI), said that the Royal Directives of His Majesty on completion of the procedures for establishment of the Investment and Commerce Court, when he presided over the meeting of the Supreme Judicial Council, are supportive to the judicial service in Oman and represent one of the key pillars for attraction of investments and capitals.
The Royal Directives also boost sustainability and the growth of the private sector through the presence of a judiciary specialised in the issues of investment and commerce.
He said that the Royal Directives come within the keenness of His Majesty the Sultan for development of the investment sector and enhancement of the investment environment in the Sultanate of Oman.
