RIYADH, 19 July 2005 — After completing necessary studies related to employment and administrative considerations, Saudi Arabia will soon launch commercial courts, Justice Minister Dr. Abdullah Al-Asheikh announced. He also disclosed plans to open appeal courts and specialized courts shortly.
Al-Asheikh said the new law had transferred commercial matters from the court of grievances to the Justice Ministry. “As a result, commercial disputes will come under the ministry’s jurisdiction,” he said.
Speaking to reporters after opening a workshop on investment regulations, the minister said there was no plan to open offices for women lawyers at the movement. “Only a few women wanted to open such offices in the investment sector and we don’t have any plan to discuss that,” he said.
Referring to the new real estate mortgage law, Al-Asheikh said the ministry had passed the law to higher authorities for approval.
Amr Al-Dabbagh, governor of the Saudi Arabian General Investment Authority (SAGIA), said his organization was concerned with management of the Kingdom’s investment environment and wanted to remove all obstacles facing Saudi and foreign investors.
“The management of investment environment means detecting challenges facing investors and coordinating with government departments to remove them in order to create a sound investment atmosphere,” he explained.
He said developing the Kingdom’s investment climate was a continuous process and was not linked with the Kingdom’s accession to the World Trade Organization or any other body. “It’s part of the economic reforms initiated by Crown Prince Abdullah,” he pointed out.
The investment workshop, attended by a number of judges and officials, was jointly organized by the Justice Ministry and SAGIA and aimed at further improving the Kingdom’s atmosphere in terms of judicial procedures.
The workshop focused on SAGIA’s efforts to attract Saudi and foreign investments, the rights and duties of investors, main features of the Foreign Investment Law and investment licensing procedures adopted by the authority.
It will also discuss the impact of judicial system on investment atmosphere and its role in creating confidence of investors and encouraging them to invest in the Kingdom. It will further emphasize the role of judicial institutions in protecting the rights of investors and settling disputes.
The main points the workshop focused on were the role of SAGIA and its vision for preparing the investment environment and its efforts of nationalizing local investments and attracting foreign investments.
It also addressed key issues regarding rules for foreign investment system including the rights and obligations of the foreign investor and the mechanisms followed by SAGIA to ensure the seriousness of the investors as well as procedures for issuing licenses.
