Iraq's Parliament endorses new investment law to allow foreigners to own land.Byline: Daily Star Staff Summary: Iraq's Parliament passed an investment law on Monday that would allow foreigners to own land for housing projects, and is designed to streamline regulations and applications for foreign investment, lawmakers said.AaIraq hoped for a tide of foreign investment as the sectarian sec·tar·i·an adj. 1. Of, relating to, or characteristic of a sect. 2. Adhering or confined to the dogmatic limits of a sect or denomination; partisan. 3. Narrow-minded; parochial. n. 1. bloodshed blood·shed n. The shedding of blood, especially the injury or killing of people. bloodshed Noun slaughter; killing Noun 1. triggered by the 2003 US invasion subsided in the last two years. BAGHDAD/DUBAI: Iraq's Parliament passed an investment law on Monday that would allow foreigners to own land for housing projects, and is designed to streamline regulations and applications for foreign investment, lawmakers said.AaIraq hoped for a tide of foreign investment as the sectarian bloodshed triggered by the 2003 US invasion subsided in the last two years, but bureaucracy, red tape and outdated land ownership laws have deterred investors.Aa "This is a huge achievement for everybody, the parliament, the cabinet and the Iraqi people. This will remove many obstacles blocking the investment process in Iraq," National Investment Commission Chairman Sami al-Araji told Reuters.Aa The investment law does not cover the oil or hotel sector, but housing is a potentially huge growth industry.Aa Iraq's old real-estate legislation only allowed the lease of land to foreign investors for a limited time. Shiite-majority Iraq hopes to build millions of new housing units, including some near Shiite Islam's holiest sites. The millions of pilgrims who visit each year are likely to show a strong interest, especially as hotel accommodation is limited.Aa The law is likely to be welcomed by developers. Iraqi officials say Gulf construction and real estate firms have shown increasing interest in the country.Aa "From the legal side, this is a step in the right direction. We believe that Iraq holds value in real estate investment for developers in the Gulf," said Markus Giebel, chief executive at Dubai developer Deyaar.Aa Iraq has the world's third-largest oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally , and with a clutch of oil deals pending, hopes to leapfrog to third place from eleventh among the world's oil producers.Aa Iraqi leaders say oil revenues will be ploughed into infrastructure battered by years of war and sanctions Sanctions is the plural of sanction. Depending on context, a sanction can be either a punishment or a permission. The word is a contronym. Sanctions involving countries: "This is C* an interesting move and it may be timely because globally, real estate markets appeared to have bottomed. Iraq is a fully fledged Adj. 1. fully fledged - (of a bird) having reached full development with fully grown adult plumage; ready to fly full-fledged fledged, mature - (of birds) having developed feathers or plumage; often used in combination 2. economy and while there are risks there, there are also good opportunities," said Saud Masud, head of research and senior real estate analyst, Midde East and north Africa at UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System in Dubai.Aa The new law, which must now be approved by Iraq's presidential council, also aims to speed up the process of applying for investment licenses and to clarify federal and provincial powers when dealing with investors. -- Reuters Copyright 2009, The Daily Star. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion