.Iraq Seeks to Allow Foreign Home Ownership
BAGHDAD -- The new head of Iraq's National Investment Commission said a draft law allowing foreigners to own land for private homes is finished and will be sent to parliament soon.
Sami al-Araji, who has been head of the commission for two months, said he hopes lawmakers will quickly pass the draft, which amends current rules for foreign-land ownership.
He said that land meant for investment needs to be overseen by one entity, the investment commission, so investors know where to go for potential projects. Currently, investment-ready property is owned by various entities like the city of Baghdad or the Finance Ministry.
As a result, foreign investors are often left going to multiple groups to figure out how to obtain land for projects. That creates just one more challenge in a country where steady supplies of electricity, clean water and other necessities are lagging, Mr. Araji said.
"We aim to be the one-stop shop for foreign investors and get rid of obstacles that prevent that," he said.
At times, it's also been difficult for foreign investors to obtain visas to come to Iraq, with months going by before a visa is issued. Mr. Araji said now, business people who contact the National Investment Commission will receive a visa within 24 to 48 hours.
He added that it would take time for Iraq to develop a sophisticated banking sector and other attributes sought by foreign investors. But he said with the relative decline in violence, outsiders are realizing that Iraq is open for business.
"It's a new chapter for Iraq, and we are ready for investors to come to see what we have to offer," Mr. Araji said.
WSJ
Sami al-Araji, who has been head of the commission for two months, said he hopes lawmakers will quickly pass the draft, which amends current rules for foreign-land ownership.
He said that land meant for investment needs to be overseen by one entity, the investment commission, so investors know where to go for potential projects. Currently, investment-ready property is owned by various entities like the city of Baghdad or the Finance Ministry.
As a result, foreign investors are often left going to multiple groups to figure out how to obtain land for projects. That creates just one more challenge in a country where steady supplies of electricity, clean water and other necessities are lagging, Mr. Araji said.
"We aim to be the one-stop shop for foreign investors and get rid of obstacles that prevent that," he said.
At times, it's also been difficult for foreign investors to obtain visas to come to Iraq, with months going by before a visa is issued. Mr. Araji said now, business people who contact the National Investment Commission will receive a visa within 24 to 48 hours.
He added that it would take time for Iraq to develop a sophisticated banking sector and other attributes sought by foreign investors. But he said with the relative decline in violence, outsiders are realizing that Iraq is open for business.
"It's a new chapter for Iraq, and we are ready for investors to come to see what we have to offer," Mr. Araji said.
WSJ
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