ANNOUNCEMENT 23 Nov 2009

In November 2009, the government of Iraq announced changed rules for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising

SOURCE



Reuters, 23 November 2009 (http://www.reuters.com/article/idUSTRE5AM2CY20091123)
Investment Law No. 13 of 2006, unofficial translation (http://www.investpromo.gov.iq/files/investment_lawenglish.pdf)


Inception date: 04 Jan 2010 | Removal date: open ended
Still in force

FDI: Entry and ownership rule

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.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A