Establishment of an international commercial arbitration court in Cyprus
On November 5, 2018, the Minister of Justice of the Republic of Cyprus, Mr. Ionas Nikolaou, released a statement regarding two new draft laws, on creation of a Commercial Court and on amendments to the Law on International Commercial Arbitration. As recorded in the statement by the Minister of Justice, alternative dispute settlement as well as expedited hearing of business affairs will play an important role in Cyprus' long-term economic growth.