Establishing Specialized Courts for Investment Disputes in the Sultanate of Oman: A Bet to Realize Oman's Vision 2040 in Attracting Investments

Abstract

Investment plays a pivotal role in countries’ strategies to achieve sustainable economic development by increasing production, creating jobs, and improving infrastructure. A 2017 World Bank report shows that foreign direct investment (FDI) can increase productivity by up to 30 per cent and create better-paid jobs. Countries seek to attract investment by developing infrastructure and providing skilled labor. Since joining the World Trade Organization (WTO) in 2000, Oman has been working to improve the investment environment and implement a strategy in line with the Oman 2040 vision. FDI inflows increased by 57.5 per cent until the end of 2023, reaching OMR 4.45 billion. In his speech, Sultan Haitham bin Tariq emphasized Oman's determination to be a leading investment destination. To facilitate investment, Oman has established administrative structures and institutions such as the Ministry of Commerce, Industry and Investment Promotion and the General Authority for Special Economic Zones and Free Zones. However, contract and intellectual property disputes remain a major challenge, calling for a modern legal environment and specialized courts for investment disputes. The study sheds light on the experiences of countries such as Egypt, UAE, Qatar and Morocco in adopting specialized investment dispute courts, analyzing the justification for this in Oman and its impact on attracting foreign investment, and finally the challenges associated with the establishment of such courts.