to the constantly changing situation in Iraq, Gulf Law are providing regular updates
on the situation, from a legal perspective and how it effects business and corporate
law in Iraq. Click here for the latest update.
Background on Law in Iraq.
Iraq: Country Profile
day Iraq (historically also known as Mesopotamia) was until the end of W.W. I
part of the Ottoman State. During W.W. I it was occupied by British forces, made
a Monarchy and placed under British Mandate by the League of Nations. In 1932
the Mandate was terminated when Iraq joined the League of Nations as an independent
Monarchy. A violent revolution in 1958 toppled the Monarchy and Iraq became a
Iraq is located on the northern tip of the Gulf with an area of over 434,000 square
kilometres and a population of over 21 million. Historically Iraq's economy was
based on agriculture benefiting from the waters of the two main rivers which pass
through it. Early in this century oil was discovered in Iraq which later became
a major producers. Iraq was one of the founder members of OPEC. However, in spite
of its success in developing significant resources, including substantial proven
oil reserves, and an impressive infrastructure, Iraq's economic development was
hampered by political instability and major military conflicts.
last conflict was the invasion of Kuwait with its known devastating effects on
the economy and society in Iraq. The imposition of UN sanctions, which still prevail,
has had serious consequences, not only by limiting Iraq's oil exports to
quantities specified by the UN and allocating the revenue to the purchase of essentials
such as food and medicines in accordance with the oil for food UN Resolution,
but created very serious economic and environmental problems. Iraq now exports
an average of 2.1 million bpd with a revenue of $9.5 billion depending on the
price of oil. Rampant inflation is one of the prevailing economic difficulties.
The rate of exchange of the Iraqi Dinar was, prior to the Gulf Crisis, $3
to each Dinar. Now it is 2,000 Dinars to the Dollar.
the Gulf crisis in Iraq, the socialist economic policies previously implemented,
became less stringent and a privatisation programme began especially in agriculture,
transport and industry. This could provide trade and management opportunities
for specialised companies upon the lifting of sanctions.
The Judicial System
The Legal Profession
Laws Regulating Litigation