Compared to the prior year, there were 69% more lawsuits submitted to the court in 2022.
More than QAR 1 billion worth of cases were adjudicated by the Qatar International Court and Dispute Resolution Centre which saw a massive increase in lawsuits in 2022, according to the Gulf state’s state news agency.
This includes lawsuits involving the banking and financial industries, claims of contract breaches, debt recovery, labour disputes, insurance-related cases, and claims of regulatory violations.
Speaking to Qatar News Agency (QNA), Faisal bin Rashid Al Sahouti, CEO of QICDRC, attributed the sharp rise in the number of cases filed with the court to the increase in the amount of assets managed by the Qatar Financial Centre (QFC), which now totals about $28.3 billion, as well as the rise in the number of QFC-registered companies, which has risen to almost 1,500.
There were 69% more lawsuits filed with the court in 2022 compared to the previous year, which the CEO claimed was due to the expansion of business activity in the Qatar Free Zones Authority (QFZA) and QFC.
In the first year of its launch, small claims made up 45% of all claims made, while 90% of all cases were handled, in whole or in part, through the electronic case management system.
Companies are required to implement QICDRC rulings and orders, like any other court in the country.
What is the Qatar International Court and Dispute Resolution Centre?
The QICDRC is primarily made up of a court with expertise in the settlement of civil and business disputes as well as a regulatory tribunal tasked with hearing appeals of decisions made by the QFC Authority, the QFC Regulatory Authority, and other QFC institutions.
The QICDRC was founded as the final component of Qatar’s initiative to develop a leading international financial centre. It was intended to advance Qatar’s efforts to diversify its economy in line with the Qatar National Vision 2030 by attracting foreign direct investments and foreign companies to Qatar.
The court offers a quick and cost effective dispute resolution process to litigants who choose to use it to settle their disputes.