RIYADH, 21 January — Saudi Arabia is planning to establish specialized courts to settle commercial disputes in response to demands by foreign trading partners and investors.
Commerce Minister Osama Faqeeh said a committee has been set up to study the possibility of establishing commercial courts that would be authorized to settle disputes. He added that the proposed courts would replace the legal committees by taking responsibility for the growing number of commercial and financial disputes.
Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry, said that the commercial courts were being proposed to save time and settle commercial disputes before they reached the judicial courts.
The idea of establishing commercial courts surfaced about two years ago.
Jeraisy said the move is in line with the government’s economic reforms and its efforts to attract more foreign investment. It also comes in the wake of Riyadh’s efforts to win a seat on the World Trade Organization.
Faqeeh said the United States and European Union were making unfair demands from the Kingdom at WTO talks.
