Iraq still finding its footing

Iraq is currently undergoing extensive transformation in its economic and legal sectors and relevant institutions. Arguably, the foundation of Iraqi restoration is based on two fundamental pillars which to date have not materialized: The first is political stability and the second is the introduction of a solid and harmonic legal framework supporting the vital sectors of Iraq’s system, such as the oil, gas and banking industries, that will attract the required foreign investment. Legal framework Iraq has always been a country rich in contradictions and intricacies. The country’s legal framework embodies these complexities. For example, under Saddam Hussein no private ownership of natural resources was permitted and foreign investments were not encouraged unless one was dealing with Arab investors, as evidenced by the Law on Arab Investors No. 62 of 2002.  The vestiges of protectionism and patriotism have not been fully eradicated in the post-Saddam era. Article 25 of the