Authorities hope the specialised courts will encourage investment as part of Saudi Vision 2030 initiative
Saudi Arabia has launched commercial courts in three cities in a bid to facilitate investment as the country continues to diversify its economy, according to Justice Minister Walid Al-Samaani.
Saudi state news agency SPA said the courts are located in Riyadh, Jeddah and Dammam, with appeal centres located in other cities. It was not immediately known if the new courts had begun handling cases.
“The start of operations of these courts is a quantum leap and a major development for specialised courts,” Al-Samaani is quoted as saying, adding that the courts will ensure a “sound business environment full of trust and stability”.
Currently, business and other disputes are filed to a Board of Greivances, with separate disputes committees for the banking and insurance sectors for the stock market regulator, the Saudi Capital Market Authority (CMA).
Al-Samaani added that the commercial courts will help encourage and motivate investment and boost economic development, in line with the objectives of Saudi Vision 2030.