According to a Reuters article on 23 November 2009, Iraq's parliament passed the first amendment to Investment Law No 13 of the year 2006 allowing foreigners to own land for housing projects. Iraq's old real estate law only allowed leasing of land to foreign investors for a limited time.
Although the law does not cover the oil sector and hotel construction, it is still a huge achievement, which will remove many obstacles blocking investment process in Iraq, according to a statement of National Investment Commission Chairman Ami al-Araji to Reuters. Housing is a potentially huge growth industry in Iraq. Gulf construction and real estate firms have shown increasing interest in the country according to Iraqi officials reports to Reuters.
The law also aims to speed up the process of applying for investment licenses and to clarify federal and provincial powers when dealing with investors.
Iraq's presidential council has approved the law on 4 January 2010.