MUSCAT: The Supreme Judicial Council, in collaboration with the Oman Chamber of Commerce and Industry (OCCI), emphasized the importance of the Royal Directives issued by His Majesty Sultan Haitham bin Tarik regarding the establishment of the Investment and Commerce Court. This initiative aims to create a stable legal framework that will attract foreign investments and enhance the competitiveness of Oman’s economy.
Sayyid Mohammed bin Sultan Al Busaidi, Vice President of the Supreme Judicial Council, stated that the Council is committed to executing the Royal Directives of His Majesty the Sultan. This includes advancing the strategic plan of the Supreme Judicial Council and its operational plans to align with the latest developments and the aspirations of the citizens, in accordance with Oman Vision 2040. He highlighted the importance of finalizing the procedures and organizational structure of the Supreme Judicial Council, as well as the establishment of the Investment and Commerce Court.
He noted that the directives from His Majesty regarding the court's establishment mark a pivotal advancement in the Omani judicial system.
The Investment and Commerce Court will handle all cases involving merchants, particularly those related to investment contracts and associated disputes. This specialized court is expected to alleviate the burden on other courts, he explained.
Furthermore, he indicated that the creation of a court dedicated to investment matters would foster a stable legal environment conducive to attracting foreign investments and improving the competitiveness indicators of Oman’s economy.
Qais bin Mohammed Al Yousef, the Minister of Commerce, Industry and Investment Promotion, emphasized that His Majesty's directives to finalize the establishment of the Investment and Trade Court reflect His Majesty’s commitment to advancing the investment and trade sectors, thereby improving the investment climate in the Sultanate of Oman in alignment with the Oman 2040 vision.
Faisal bin Abdullah Al Rawas, Chairman of the Oman Chamber of Commerce and Industry (OCCI), noted that the Royal Directives issued by His Majesty regarding the establishment of the Investment and Commerce Court, during the Supreme Judicial Council meeting, are instrumental in enhancing the judicial services in Oman and serve as a fundamental element in attracting investments and capital.
These Royal Directives also promote sustainability and foster the growth of the private sector by ensuring the availability of a judiciary that specializes in investment and commercial matters.
He added that these directives are part of His Majesty the Sultan's dedication to the development of the investment sector and the improvement of the investment environment in the Sultanate of Oman.
