Iraq may let foreign firms own land

BAGHDAD: Iraq's investment commission is pushing for foreign firms to be allowed to own land, a move seen as key to attracting the developers required to build houses and repair and expand the country's creaking infrastructure.

National Investment Commission Chairman Sami al-Araji told Reuters on Monday the proposal was one of several amendments to an investment law that was meant to herald a flood of foreign capital, but has been neutered by bureaucracy.

Violence in Iraq has fallen since last year, but that has yet to be accompanied by major investment. The cash-strapped and oil-reliant country is keen to stimulate its private sector after oil prices tumbled from last year's record highs.