Paving the way to a brighter Iraq

zoom

Nadia Salem is Al Tamimi & Company’s Iraq team leader, but is based in Doha.

With a well developed and mature legal framework in place, Iraq is open for business. Al Tamimi & Company’s Iraq team set the record straight for Oil & Gas Middle East.

With the business environment in Iraq looking better than it has for decades, opportunities for construction, infrastructure, and of course, oil and gas firms abound.

Working within the existing legal framework is a requisite of any overseas venture, but with a muddled impression of Iraq’s legislative scene exported through the primary international media channels, many firms with big ambitions may be unsure of the situation within the oil rich nation’s borders.

Hadeel Hassan, senior attorney, based in Baghdad, and Nadia Salem, Iraq team leader, based in Doha, met with Oil & Gas Middle East and put the record straight.

What’s the status of Iraq’s Hydrocarbon Law?

Hadeel Hassan: The draft Iraq Oil and Gas Law has not been enacted into law as of yet. Based on the principal that the oil and gas present in Iraq belongs to all of its people, the hydrocarbon law seeks to legislate petroleum operations for the benefit of all, despite what some regions, such as Kurdistan, might want to claim as exclusively belonging to it.

Currently in its fourth draft, it is expected to be enacted once finally approved by the Council of Ministers, which is the executive branch of the Iraqi government, by spring 2009.

Nadia Salem: Getting all parties to agree on any law is challenging, more so when it is something this emotive for the country, it is bound to cause debate.

Have you maintained a presence in Iraq?

NS: Al Tamimi has had an operational office in Iraq since 2003. In 2006 the security situation took a turn for the worse, so our lawyers remained, but worked from home. That way we kept our physical presence there. Now the situation is better, so we’ve relocated and the office is up and running again.

In terms of dealing with international clients, telecommunications from Baghdad can be troublesome. Largely because of the communication issues, I work out of Doha, but represent our lawyers in Iraq to clients globally.

What sectors are attracting the most attention?

NS: Everyone wants to participate in the reconstruction of Iraq, even now when the global economy is facing negative growth, there is a massive interest to invest and rebuild in Iraq.

HH: Construction and oil are the two sectors where we are already seeing the most growth, and I don’t think that will change for a while.

Real estate and infrastructure projects are on the drawing board, but there are still issues with electricity supplies which are hampering their progress, for example there are no still no functioning traffic lights. However, the government is working on that, and the fundamental issues that need fixing are getting attention.

Which countries are most active in their enquiries?

NS: We represent clients from the US and UK, but it’s a generally global mix. The potential across many sectors and industries is huge there. Now that the security situation is improving these development projects are back in focus. People aren’t constantly worried about the safety of their lives, so now they can focus on bringing back the quality of their lives. People want air conditioning back in summer, and functioning telephones, which again, is getting better.

Print | Email | Discuss this article

| Share |

READERS' COMMENTS

Click here to post a comment

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic. Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Enter the words above *
Please click post only once - your comment will not be published immediately.

MORE FROM ARABIANBUSINESS.COM