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Iraq attractive by frontier market standards
15 July 2011
Lack of foreign ownership limits and a convertible currency are major advantages, reports Aaron Woolner
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Iraq
frontier market
Despite its recent history, Iraq has many positive attributes for international investors. A convertible currency and no limits on foreign ownership means Iraq is ahead of many of its frontier market peers as a destination for international investment, according to Henrik Kahm, manager of FMG’s Iraq fund.
Frontier markets – those with small illiquid stock markets that are generally considered to be at a much earlier stage of economic and financial market development than emerging markets – typically have onerous restrictions on the amount of a company foreign investors can hold. Iraq’s near neighbour Qatar, for example, caps overseas shareholdings at 20%.
Iraq, however, is completely...
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