[February 2012] This is the latest report by Dunia Frontier Consultants to track the activities of foreign firms and investors in Iraq. It follows similar surveys conducted in 2009 and 2010, but employs a different methodology that has been developed in response to particular market developments in Iraq and changes in the behavior of foreign firms. Dunia employs the category foreign commercial activity (FCA) to capture the dynamics of foreign participation in Iraq’s reconstruction process, and to assess the opportunities available in Iraq. The data presented in this report are not intended to be exhaustive. Dunia’s intent in producing these reports is to assess the changing economic landscape in Iraq, with the hope that the data and accompanying analysis provide useful insights amid the constant stream of deal news and varying assessments of the country’s economic outlook.