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| Tuesday, 01 December 2009 03:59 |
Iraq passes key investment lawReuters - [11/24/2009] 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.Iraq hoped for a tide of foreign investment as the sectarian bloodshed triggered by the 2003 U.S. invasion subsided in the last two years, but bureaucracy, red tape and outdated land ownership laws have deterred investors. "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. The investment law does not cover the oil sector, nor hotel construction, but housing is a potentially huge growth industry. Iraq's old real estate laws only allowed the lease of land to foreign investors for a limited time. Shi'ite-majority Iraq hopes to build millions of new housing units, including some near Shi'ite 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. GULF DEVELOPERS EYE IRAQ 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. "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. Iraq has the world's third-largest oil reserves, and with a clutch of oil deals pending, hopes to leapfrog to third place from eleventh among the world's oil producers. Iraqi leaders say oil revenues will be plowed into infrastructure battered by years of war and sanctions, potentially creating more opportunities for developers. "This is ... an interesting move and it may be timely because globally, real estate markets appeared to have bottomed. Iraq is a fully fledged 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 in Dubai. 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. Source: Iraq Directory Irak se nadao talasu stranih investicija dok se krvoproliće izazvano američkom invazijom 2003. godine smirivalo u poslednje dve godine, ali birokratija, birokratiski i zastareli zakoni vlasništva zemljišta odvraćali su investitore. "Ovo Je veliki uspeh za sve, za parlament, kabinet i irački narod. Ovo će ukloniti brojne prepreke i blokade procesa investiranja u Iraku", predsednik Komisije za Nacionalne investicije Sami al-Araji kako prenosi Rojters. Zakon o investicionim pravima ne pokriva sektor nafte, niti izgradnju hotela, ali izgradnja stanova je potencijalno veliki rast industrije. Prethodni irački zakon o nekretninama je dozvoljavao samo zakup zemljišta stranim investitorima na određeno vreme. -Šiitska većina u Iraku se nada da će izgraditi milione novih stambenih jedinica, uključujući i svete šiitske građevine. Milioni vernika koji dolaze svake godine će verovatno pokazati jak interes, posebno zato što je ograničen smeštaj u hotelima. Gulf Developers posmatra Irak Zakon bi mogao da bude pozdravljen i od strane građevinskih investitora. Irački zvaničnici kažu da je Gulf građevinska firma pokazala veliko interesovanje u zemlji. "Sa pravne strane, ovo je korak u pravom smeru. Verujemo da Irak ima vrednosti za investiranje u nekretninama za Gulf", Rekao Je Markus Giebel, izvršni direktor u Dubaiju Developer Deyaar. Irak je treća zemlja u svetu po veličini rezervata nafte. Dok su dogovori oko uljnih derivata u iščekivanju, Irak se nada da će zauzeti treće mesto od jedanaest svetskih naftnih proizvođača. Irački lideri kažu da će naftni prihodi podići infrastrukturu koja je znatno uništena proteklih godinam za vreme rata i sankcija. Potencijalno se stvara više povoljnih prilika za građevinske investitore. "Ovo je ... zanimljiv potez i može da bude dugoročan, jer je globalno gledano, tržište nekretnina palo. Irak je u potpunosti razvio ekonomiju, iako stvarni rizici postoje, takođe postoje i dobre mogućnosti", rekao je Saud Masud, vođa istraživanja i viši analitičar za nekretnine na Bliskom Istoku i Severnoj Africi u UBS u Dubaiju. Novi zakon, koji sada mora biti odobren i od strane predsedničkog saveta Iraka, takođe ima za cilj da ubrza proces primene izdavanja dozvola za investicije i da se razjasne savezne i pokrajinske vlasti kada su u pitanju investitori. Izvor: Iraq Directory |
