Latest news with #QFCLaw
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
QICDRC introduces new rules to enhance access to justice
Tribune News Network Doha The Qatar International Court and Dispute Resolution Centre (QICDRC) has announced the entry into force of an updated set of Rules and Procedures applicable before both the QFC Civil and Commercial Court and the QFC Regulatory Tribunal. The new framework was approved by the Council of Ministers, issued by the Minister of Commerce and Industry, and officially published in the Official Gazette on 4 June 2025. This step forms part of QICDRC's wider institutional vision to modernise judicial processes, enhance procedural efficiency, and reinforce guarantees of timely access to justice. The reforms are designed in line with international best practices in dispute resolution and reflect the State of Qatar's broader efforts to foster a transparent, responsive, and trusted legal environment in line with the Qatar National Vision 2030. The updated Rules introduce a number of substantive amendments. These include the adoption of the National Address system as a legally binding method for serving documents and submitting legal filings, thereby improving procedural certainty and expediting the resolution of disputes. Jurisdictional provisions have been clarified to reflect recent amendments to the QFC Law, providing greater accuracy in outlining the respective competences of the Civil and Commercial Court and the Regulatory Tribunal. A default judgment mechanism has been introduced, allowing the Court to proceed fairly and efficiently in matters where a party fails to appear, while fully upholding the right to a fair trial. In addition, Practice Direction No. 1 of 2025 has been issued to provide detailed procedural guidance regarding the appeal process, ensuring clarity and a balance between efficiency and legal safeguards. Commenting on the updated framework, Faisal Al-Sahouti, CEO of QICDRC, stated: 'This marks a major step forward in modernising the Court's operations and demonstrates our firm commitment to providing a judicial experience that is accessible, efficient, and rooted in the rule of law. The reforms are a direct response to the evolving nature of commercial disputes and the need for both precision and flexibility in procedure.' He added: 'These changes are part of our strategic vision to accelerate digital transformation, enhance the Court's infrastructure, and expand access to advanced judicial services—ensuring that QICDRC remains a trusted regional and international hub for dispute resolution.' QICDRC affirms that the implementation of the new framework reflects its ongoing commitment to strengthening judicial quality, building confidence in the QFC legal system, and supporting national objectives related to sustainable development and the rule of law. Legal professionals, business stakeholders, and those involved in the legal sector are invited to visit the Court's official website to review the updated Rules and learn more about the procedural changes introduced to streamline, accelerate, and enhance the delivery of justice.
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
QICDRC introduces new rules to modernise judicial procedures, enhance access to justice
DOHA: The Qatar International Court and Dispute Resolution Centre (QICDRC) has announced the entry into force of an updated set of Rules and Procedures applicable before both the QFC Civil and Commercial Court and the QFC Regulatory Tribunal. The new framework was approved by the Council of Ministers, issued by the Minister of Commerce and Industry, and officially published in the Official Gazette on 4 June 2025. QICDRC said that this step forms part of QICDRC's wider institutional vision to modernise judicial processes, enhance procedural efficiency, and reinforce guarantees of timely access to justice. The reforms are designed in line with international best practices in dispute resolution and reflect the State of Qatar's broader efforts to foster a transparent, responsive, and trusted legal environment in line with the Qatar National Vision 2030. The updated Rules introduce a number of substantive amendments. These include the adoption of the National Address system as a legally binding method for serving documents and submitting legal filings, thereby improving procedural certainty and expediting the resolution of disputes. Jurisdictional provisions have been clarified to reflect recent amendments to the QFC Law, providing greater accuracy in outlining the respective competences of the Civil and Commercial Court and the Regulatory Tribunal. A default judgment mechanism has been introduced, allowing the Court to proceed fairly and efficiently in matters where a party fails to appear, while fully upholding the right to a fair trial. In addition, Practice Direction No. 1 of 2025 has been issued to provide detailed procedural guidance regarding the appeal process, ensuring clarity and a balance between efficiency and legal safeguards. Commenting on the updated framework, CEO of QICDRC Faisal bin Rashid Al Sahouti stated: 'This marks a major step forward in modernising the Court's operations and demonstrates our firm commitment to providing a judicial experience that is accessible, efficient, and rooted in the rule of law. The reforms are a direct response to the evolving nature of commercial disputes and the need for both precision and flexibility in procedure.' He added: 'These changes are part of our strategic vision to accelerate digital transformation, enhance the Court's infrastructure, and expand access to advanced judicial services—ensuring that QICDRC remains a trusted regional and international hub for dispute resolution.' QICDRC affirms that the implementation of the new framework reflects its ongoing commitment to strengthening judicial quality, building confidence in the QFC legal system, and supporting national objectives related to sustainable development and the rule of law. Legal professionals, business stakeholders, and those involved in the legal sector are invited to visit the Court's official website to review the updated Rules and learn more about the procedural changes introduced to streamline, accelerate, and enhance the delivery of justice.
Associated Press
06-03-2025
- Business
- Associated Press
Stobox Joins Qatar Financial Center Digital Assets Lab
Stobox, one of the leading global tokenization platforms, became a member of Qatar Financial Center Lab – the most prestigious and recognized Digital Asset Association in the MENA region. The goal of this partnership is to boost tokenization in the country. Qatar is a country where tokens can legally proclaim property rights on real-world assets, which is very promising in terms of tokenization and global economic development. As Stobox works across the world, it will transmit Qatar's success and experience in tokenization to other countries. Qatar and Stobox already have an impressive success story behind tokenizing the largest shrimp farm in the world. Now, they pursue the tokenization of various types of assets within the eyesight. It will secure a significant financial outcome for the Qatar economy, accelerating its GDP growth. Qatar pursues the ambition to lead the tokenization across the MENA region. There are a number of reasons behind MENA's future success in tokenization. The success of tokenization is closely tied to the expansion of its underlying assets, and MENA's economy is thriving across multiple sectors ripe for tokenization. Real estate, aquaculture, food production, energy, and renewables are all experiencing impressive growth. Tokenization can provide these industries with more liquidity, fractional ownership, and increased global investor participation, further accelerating their expansion. ' We identify three major pillars driving Real-World Asset tokenization growth in Qatar. First, the country offers a diverse array of valuable assets and business opportunities. Second, there is a well-developed investment and financial ecosystem with substantial capital available for tokenization. Third, regulatory authorities are actively supporting tokenization initiatives, creating a favorable environment for long-term growth. We value Qatar's Financial Center stance on tokenization and aim to make the country a bedrock for all the future success of tokenization across the world.' – said Ross Shemeliak, COO and Co-Founder of Stobox. About Stobox Stobox is a licensed and regulated tokenization provider building financial markets for small and medium businesses. Stobox provides an all-in-one solution for tokenizing, investing, and trading RWA and operates in multiple jurisdictions, including the United States. Since its inception in 2018, the company has tokenized over $500M in assets across finance, mining, energy, and real estate. For more information, please visit About Qatar Financial Centre Regulatory Authority (QFCRA) The Qatar Financial Centre Regulatory Authority (QFCRA) is an independent regulatory body established in 2005 by Article 8 of the QFC Law. It regulates firms that conduct financial services in or from the QFC. It has a broad range of regulatory powers to authorise, supervise and, when necessary, discipline firms and individuals. The QFC Regulatory Authority regulates firms using principle-based legislation of international standard, modelled closely on that used in major financial centres. Further details are available at the Name: Yury Molodtsov Email: Send Email Organization: Stobox Disclaimer: This press release is for informational purposes only. Information verification has been done to the best of our ability. Still, due to the speculative nature of the blockchain (cryptocurrency, NFT, mining, etc.) sector as a whole, complete accuracy cannot always be guaranteed. You are advised to conduct your own research and exercise caution. Investments in these fields are inherently risky and should be approached with due diligence. Release ID: 89154167 In case of identifying any errors, concerns, or inconsistencies within the content shared in this press release that necessitate action or if you require assistance with a press release takedown, we strongly urge you to notify us promptly by contacting [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our expert team is committed to addressing your concerns within 8 hours by taking necessary actions diligently to rectify any identified issues or supporting you with the removal process. Delivering accurate and reliable information remains our top priority.
