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Bahrain, Singapore to Establish International Commercial Court

The treaty aims to promote the international rule of law and boost international trade
The treaty aims to promote the international rule of law and boost international trade
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Bahrain, Singapore to Establish International Commercial Court

The treaty aims to promote the international rule of law and boost international trade
The treaty aims to promote the international rule of law and boost international trade

Bahrain and Singapore have signed a treaty to establish the Bahrain International Commercial Court (BICC) in Bahrain and a designated body in Singapore.

The treaty was signed by Nawaf bin Mohammed Al Maawda, Minister of Justice, Islamic Affairs and Endowments, and Kasiviswanathan Shanmugam, Minister for Home Affairs and Minister for Law of Singapore during a virtual meeting.

The treaty aims to promote the international rule of law and boost international trade by developing transformative systems for the resolution of disputes in international trade and endorsing a transnational system of commercial justice.

Al Maawda said the treaty is a transformative step towards strengthening the rule of law and promoting access to justice on the international level.

The treaty provides a framework for cooperation between the two countries to ensure the interests and rights of the international business community, he added.

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Saudi Market Rises as Investors Absorb Tariff Shock

Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
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20
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Saudi Market Rises as Investors Absorb Tariff Shock

Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)
Entrance to the Tadawul Tower in Riyadh’s financial district (Asharq Al-Awsat)

Gulf markets trimmed their losses on Monday, with the Saudi stock index erasing earlier declines and turning positive, driven by gains in major stocks such as ACWA Power and Aramco.

Despite a sluggish start, influenced by tariff concerns, the Tadawul index managed to overcome these challenges, closing 1.1% higher.

In contrast, other Gulf bourses saw limited declines, with Qatar and Kuwait exchanges registering drops, while the Muscat bourse also experienced a slight dip.

These movements come amid a broader retreat in global stock markets, still reacting to US President Donald Trump’s recent decision to impose tariff hikes.

The Saudi stock market rose 1.1%, closing at 11,194 points, up 117 points. The market recorded active trading, with total turnover reaching approximately 10.6 billion riyals ($2.8 billion), the highest since December 2024.

Despite a sharp decline of over 400 points earlier in the session, which brought the market to a low of 10,657 points, it successfully recovered to end the day higher. On Sunday, the market had dropped by more than 800 points.

ACWA Power led the gainers, jumping 6.8% to close at 331 riyals. Aramco shares also rose 1%, reaching 25.25 riyals.

Meanwhile, Al Takaful Cooperative saw a 5% increase, closing at 131 riyals, following the company’s announcement of cash dividends for shareholders.

These movements come as markets absorb the shock of the tariff hike, with Gulf financial markets showing mixed performance following sharp declines in reaction to Trump’s decision to raise tariffs.