Source: Middle East - 17/12/2009
Iraq's presidency council ratified the amendments to the investment law allowing foreigners to own land unconditional
MP: There is opposition to the amendments .. And foreigners are demanding more guarantees
Iraq's new investment law, although passed in 2006, it was still a major cause of political and economic interactions, because only one of its articles relating to the subject (the right of foreign ownership of Iraqi soil), and Iraq's history has recorded many of the points of which depends on long before then lawmakers to property , and one to the visit of the cities of Najaf and Karbala, Babil, Baghdad, Basra and adequate access to large tracts of land owned by Arabs and foreigners, there is a property of Indian citizens and another for a range (Bohras) in the Shiite holy places, and the Iranians and the Gulf countries and even by foreigners, and in Baghdad and Basra remained Jewish-owned property managed by local administrations of the cities, and there are lawyers and jurists who procuring profits, and deposited in the Fund is managed to maintain on behalf of the Jews.<HUH??? fund? DFI?...Jews? Rothchilds??
After Iraq began in 2003, who found himself in dire need of money for a very large restoration of infrastructure or the promotion of its present industrial and commercial, agricultural and tourism in the search for sources of funding for non-oil revenues, which represents more than 94% of the sources of balanced federalism, which escalated to the striking of $ 22 billion to 67 billion and more than that, after long study for years did not find specialists a chance to survive without resorting to external financing and the commencement of the conquest of Iraq to the flow of funds Arab and foreign investors who were holding conditions and guaranteeing their investments, which form a pressure to approve the Investment Company Act of 2006, which did not meet the ambitious, according to legal expert in the Iraqi Central Bank the appearance of Mohammed Saleh, although they have enjoyed the advantages for the investor who is always looking for the safety of his money.
The expert added that «the investment law is the law which must not only view it from a local perspective, but must proceed according to what he sees as foreign,» he told the «Middle East» that «the investment law granting large concessions to foreign investors, such as the power purchase equity and portfolio management, as provided for the establishment of a national investment and the granting of investment projects, tax exemptions up to 15 years, and included a revised draft of the investment law approved 36 articles, stipulates the formation of a body called «National Commission for Investment», which aims to encourage investment through the strengthening of confidence in the investment environment, identifying investment opportunities and stimulate investment, promote and simplify registration procedures and certification of investment projects and follow-up on existing projects and to give priority in the achievement of official bodies, as well as facilitate the allocation of land for lease and for the establishment of projects for a sum determined by the Commission in coordination with the relevant, as well as work on the establishment of investment zones in a safe and free consent of the Council of Ministers ».
The law also gives foreign investors the right of trading in the stock market, stocks and bonds, in addition to the composition of investment portfolios in stocks, bonds and lease land for the project or Musataha of the term of the investment project, to be of no more than 50 years, renewable under the approval of the Authority, as well as the right of foreign investors in insurance companies insurance on the project and open accounts in Iraqi or foreign bank branches in Iraq or outside Iraq.
The law, according to financial expert, «be a priority of employment and the employment of Iraqis, as well as giving the foreign investor and foreign workers in the investment projects the right of residence in Iraq and facilitate their entry and exit to and from Iraq as well as to ensure that the confiscation or nationalization of the project except as issued in a final judicial decision , and enjoy the investment project, with its projects that obtained an investment license from the exemption from taxes and fees for 10 years from the start of commercial operation of the project according to the areas of development defined by the Council of Ministers, and is years of exemption if there is a contribution from an Iraqi investor, and up to 15 years if the investor's contribution to Iraq up to 50 per cent ».
All these privileges were not a major pull factor for investors who found the issue of not being able to own real estate big problem, and this was confirmed by dozens of foreign investors during the World Investment Conference held in London a few months now and attended by Prime Minister Nuri al-Maliki, demanding all amend several paragraphs that are more suited to their work inside Iraq, and here came the approval of the Prime Minister, who work upon his return to the comprehensive studies to consider all requests for foreign investors, and raised the amendments to the Iraqi Council of Representatives, which voted on the amendments to be submitted to the Presidency Council, which reversed once the first project to be re - adjustable and specifically paragraph of a foreign ownership, and here comes amended to restrict ownership conditional and only for housing projects in the words of a member of Iraqi parliament and the decision of the Commission on Investment Kanna.
Ali al-Dabbagh was announced, the spokesman for the Iraqi government, finally, the Government approved a draft law amending the Investment Law No. 13 of 2006 which allows the foreign investor the right to own land and property owned by the State allowance determined in accordance with special regime, also has the right to own land and property belonging to the two sectors combined and private sectors for the purpose of establishing housing projects on them.
Deputy of the Economic Commission said Mohammed Khalil told «Middle East» «that the modifications made in parliament on the investment law, a lot of positives, as the previous law when many of the obstacles that were a stumbling block to foreign investors wishing to enter the Iraqi market, but now co-operation remove these obstacles and the most important right of ownership of land and transfer of capital, let alone a very large banking facilities ».
For his part, chief economist for the happiest Acoli «Middle East» «reassure investors that the modification of property rights is an important issue to lure capital, and called for the education of Iraqi citizens on investment for being a new concept, or there are misconceptions about».
However, a member of the Legal Committee in the Iraqi parliament high Nassif Jassem, said the «Middle East» The «Investment Act is amended confronted with many objections among the parliamentary blocs, but these objections were not taken by the Ad Hoc Committee, and this led to the issuance of the law is inconsistent with the requirements of central government investment agencies and branches in the provinces ».
President of the company «Candy Krupp» German Yousef Al-Attar, who recently visited Iraq with a view to investment, especially in the financing of government projects, he told «Middle East» that (the security situation in Baghdad, did not find a safe), and added Attar, who is descended Turki, It is a real problem affecting not only Iraqis, but that most businessmen and investors in the world lingered on the subject of the introduction of their capital to this country for the same reason.
Chairman of the Investment Authority of Iraq, Sami Araji, confirmed that the adoption of amendments represents «an important step that will overcome many obstacles to the investment process» in the country, which has a large concessions to local and foreign investors in addition to facilities and the various safeguards that encourages investment, including ownership of the foreign investor of land for housing projects, are not subject to any investment projects for the Law of the sale and rental of state funds 32 for the year 1986 », he said.
He added that «the law that all land in various parts of Iraq and belonging to various ministries at the disposal of investment for enterprise development by, the granting of concessions for local companies and public and private self-financing as working systems, provincial significantly» to the source. He pointed out that Araji «investors feel that the new investment law is the sponsor and protector of the benefits and interests» and increased «We currently have a bouquet made up of 750 investment projects in various fields such as housing, electricity and water had been presented at the investment conferences held earlier in Washington, Paris and Berlin »according to the saying.
Iraq has invited international companies on Tuesday to take advantage of a new law allowing foreigners to own land, and invited them to build homes to meet the construction of 500 thousand new units a total value of $ 25 billion.
Sami al-Araji, head of the Iraqi National Investment told reporters at a press conference that the Authority believes that this project is the largest in the Middle East.
He added that he will be the construction and sale of units in coordination with the government, which seeks to build most of the houses in Baghdad and plans to allocate 60 per cent for government employees.
It is estimated that Iraq will need approximately two million new homes during the next five years.
Iraq's presidency council ratified the amendments to the investment law allowing foreigners to own land unconditional
MP: There is opposition to the amendments .. And foreigners are demanding more guarantees
Iraq's new investment law, although passed in 2006, it was still a major cause of political and economic interactions, because only one of its articles relating to the subject (the right of foreign ownership of Iraqi soil), and Iraq's history has recorded many of the points of which depends on long before then lawmakers to property , and one to the visit of the cities of Najaf and Karbala, Babil, Baghdad, Basra and adequate access to large tracts of land owned by Arabs and foreigners, there is a property of Indian citizens and another for a range (Bohras) in the Shiite holy places, and the Iranians and the Gulf countries and even by foreigners, and in Baghdad and Basra remained Jewish-owned property managed by local administrations of the cities, and there are lawyers and jurists who procuring profits, and deposited in the Fund is managed to maintain on behalf of the Jews.<HUH??? fund? DFI?...Jews? Rothchilds??
After Iraq began in 2003, who found himself in dire need of money for a very large restoration of infrastructure or the promotion of its present industrial and commercial, agricultural and tourism in the search for sources of funding for non-oil revenues, which represents more than 94% of the sources of balanced federalism, which escalated to the striking of $ 22 billion to 67 billion and more than that, after long study for years did not find specialists a chance to survive without resorting to external financing and the commencement of the conquest of Iraq to the flow of funds Arab and foreign investors who were holding conditions and guaranteeing their investments, which form a pressure to approve the Investment Company Act of 2006, which did not meet the ambitious, according to legal expert in the Iraqi Central Bank the appearance of Mohammed Saleh, although they have enjoyed the advantages for the investor who is always looking for the safety of his money.
The expert added that «the investment law is the law which must not only view it from a local perspective, but must proceed according to what he sees as foreign,» he told the «Middle East» that «the investment law granting large concessions to foreign investors, such as the power purchase equity and portfolio management, as provided for the establishment of a national investment and the granting of investment projects, tax exemptions up to 15 years, and included a revised draft of the investment law approved 36 articles, stipulates the formation of a body called «National Commission for Investment», which aims to encourage investment through the strengthening of confidence in the investment environment, identifying investment opportunities and stimulate investment, promote and simplify registration procedures and certification of investment projects and follow-up on existing projects and to give priority in the achievement of official bodies, as well as facilitate the allocation of land for lease and for the establishment of projects for a sum determined by the Commission in coordination with the relevant, as well as work on the establishment of investment zones in a safe and free consent of the Council of Ministers ».
The law also gives foreign investors the right of trading in the stock market, stocks and bonds, in addition to the composition of investment portfolios in stocks, bonds and lease land for the project or Musataha of the term of the investment project, to be of no more than 50 years, renewable under the approval of the Authority, as well as the right of foreign investors in insurance companies insurance on the project and open accounts in Iraqi or foreign bank branches in Iraq or outside Iraq.
The law, according to financial expert, «be a priority of employment and the employment of Iraqis, as well as giving the foreign investor and foreign workers in the investment projects the right of residence in Iraq and facilitate their entry and exit to and from Iraq as well as to ensure that the confiscation or nationalization of the project except as issued in a final judicial decision , and enjoy the investment project, with its projects that obtained an investment license from the exemption from taxes and fees for 10 years from the start of commercial operation of the project according to the areas of development defined by the Council of Ministers, and is years of exemption if there is a contribution from an Iraqi investor, and up to 15 years if the investor's contribution to Iraq up to 50 per cent ».
All these privileges were not a major pull factor for investors who found the issue of not being able to own real estate big problem, and this was confirmed by dozens of foreign investors during the World Investment Conference held in London a few months now and attended by Prime Minister Nuri al-Maliki, demanding all amend several paragraphs that are more suited to their work inside Iraq, and here came the approval of the Prime Minister, who work upon his return to the comprehensive studies to consider all requests for foreign investors, and raised the amendments to the Iraqi Council of Representatives, which voted on the amendments to be submitted to the Presidency Council, which reversed once the first project to be re - adjustable and specifically paragraph of a foreign ownership, and here comes amended to restrict ownership conditional and only for housing projects in the words of a member of Iraqi parliament and the decision of the Commission on Investment Kanna.
Ali al-Dabbagh was announced, the spokesman for the Iraqi government, finally, the Government approved a draft law amending the Investment Law No. 13 of 2006 which allows the foreign investor the right to own land and property owned by the State allowance determined in accordance with special regime, also has the right to own land and property belonging to the two sectors combined and private sectors for the purpose of establishing housing projects on them.
Deputy of the Economic Commission said Mohammed Khalil told «Middle East» «that the modifications made in parliament on the investment law, a lot of positives, as the previous law when many of the obstacles that were a stumbling block to foreign investors wishing to enter the Iraqi market, but now co-operation remove these obstacles and the most important right of ownership of land and transfer of capital, let alone a very large banking facilities ».
For his part, chief economist for the happiest Acoli «Middle East» «reassure investors that the modification of property rights is an important issue to lure capital, and called for the education of Iraqi citizens on investment for being a new concept, or there are misconceptions about».
However, a member of the Legal Committee in the Iraqi parliament high Nassif Jassem, said the «Middle East» The «Investment Act is amended confronted with many objections among the parliamentary blocs, but these objections were not taken by the Ad Hoc Committee, and this led to the issuance of the law is inconsistent with the requirements of central government investment agencies and branches in the provinces ».
President of the company «Candy Krupp» German Yousef Al-Attar, who recently visited Iraq with a view to investment, especially in the financing of government projects, he told «Middle East» that (the security situation in Baghdad, did not find a safe), and added Attar, who is descended Turki, It is a real problem affecting not only Iraqis, but that most businessmen and investors in the world lingered on the subject of the introduction of their capital to this country for the same reason.
Chairman of the Investment Authority of Iraq, Sami Araji, confirmed that the adoption of amendments represents «an important step that will overcome many obstacles to the investment process» in the country, which has a large concessions to local and foreign investors in addition to facilities and the various safeguards that encourages investment, including ownership of the foreign investor of land for housing projects, are not subject to any investment projects for the Law of the sale and rental of state funds 32 for the year 1986 », he said.
He added that «the law that all land in various parts of Iraq and belonging to various ministries at the disposal of investment for enterprise development by, the granting of concessions for local companies and public and private self-financing as working systems, provincial significantly» to the source. He pointed out that Araji «investors feel that the new investment law is the sponsor and protector of the benefits and interests» and increased «We currently have a bouquet made up of 750 investment projects in various fields such as housing, electricity and water had been presented at the investment conferences held earlier in Washington, Paris and Berlin »according to the saying.
Iraq has invited international companies on Tuesday to take advantage of a new law allowing foreigners to own land, and invited them to build homes to meet the construction of 500 thousand new units a total value of $ 25 billion.
Sami al-Araji, head of the Iraqi National Investment told reporters at a press conference that the Authority believes that this project is the largest in the Middle East.
He added that he will be the construction and sale of units in coordination with the government, which seeks to build most of the houses in Baghdad and plans to allocate 60 per cent for government employees.
It is estimated that Iraq will need approximately two million new homes during the next five years.