Like many other countries, the Kingdom is trying to lure foreign investment through providing encouragement and certain privileges. Capital, however, will seek environments where concessions, profits and stability prevail. The exemptions from customs duties and taxes are no longer enough to attract anyone. Investors are looking for the availability of such things as electricity and manpower upon which production depends. In addition, there must be adequate laws and legal safeguards governing commercial disputes. Shariah law is not an obstacle to investors; in fact, if Shariah were properly applied, it would be superior to other kinds of law. What annoys and discourages investors are commercial disputes; efficient procedures are required to facilitate both judgements and verdicts.
Investors faced with prolonged or lengthy procedures usually return home or go elsewhere. Conflicts or disputes pertaining to banking, trade or employment have to be dealt with by one entity that has the professional expertise to handle the problems. It isn’t logical or convenient to have disputing parties running from one government office to another; there must be unified procedures handled by a single office with authority to act. Repeating the same procedures in various offices affects not only the investors’ operations and interests but those of ordinary citizens as well. It is incredible that a case of unpaid rent normally takes three or four years in the courts before settlement. Even more ridiculous is the prolonged period of litigation needed for cases which need immediate settlement or judgement.
It is obviously imperative that disputes between individuals without exception should be adjudged under and ruled by Shariah. The Court of Grievance, on the other hand, should be dedicated to cases that involve the government and the public.
The time has come when we need to evaluate existing rules, regulations and procedures; far too many of them are years out of date and almost all are unfit to meet current problems and challenges.
I call upon the authorities to think carefully about foreign investment and remember that these investors must have special attention and treatment. If neither is forthcoming, investors will go where both can be found. We need serious assurance that all are equal before the law and that nobody is above it.
