Tag Archives | Hanwha

Hanwha receives $560m for Bismaya Project

Korean firm Hanwha Engineering and Construction received about $560 million in construction fees last week from the Iraqi government for its ongoing new city project, the company said on Monday. The company has been building the 1,830-hectare new city Bismayah, 10 kilometers southeast of Baghdad, an $8-billion contract signed in 2012. The two parties agreed […]

Al-Abadi meets Delegation from Hanwha

Prime Minister Dr. Haider Al-Abadi received in his office on Sunday a delegation from the Korean company Hanwha which is implementing the Bismaya residential project. The delegation gave a presentation on progress reached on the ground for the project, where the first three thousand residential units to best standards have been completed in full, with […]

Hanwha Wins $2bn Iraq Order

By John Lee. South Korea’s Hanwha Group has reportedly won a $2.12-billion (2.5-trillion-Iraqi-dinar) order to build the social infrastructure for Bismayah New City. According to Yonhap News Agency, the agreement was signed with Iraq’s National Investment Commission (NIC) on Monday. The Group is currently building 100,000 homes at the project, which are due for completion […]

Hanwha Receives Further Payment for Bismaya

By John Lee. Hanwha E&C has announced that the company received the fourth deposit of US$387.5 million (452 billion Iraqi dinars) for the construction of the Bismayah New City (pictured) outside Baghdad. This sum brings Hanwha receipts from the project to $1.9375 billion, 25 percent of the total construction cost. The $8-billion project is the […]

Hanwha Opens Precast Concrete Plant at Bismayah

Prime Minister Nouri Kamil al-Maliki has opened the new Hanwha Precast Concrete Plant at the Bismayah New City development near Baghdad. Speaking at the event, he said that “this project is our dream that has come true because it reflects our hope to provide housing units for all Iraqi people who were deprived of their […]

Hanwha Gets $511m Advance Payment

By John Lee. South Korea’s Hanwha Engineering and Construction has said that it has received an additional $511 million in advance payment for its Bismayah New City Project (BNCP), located 10 kilometers southeast of Baghdad. According to a report from Yonhap News, this brings the amount of money the builder has received so far for […]

Hyundai Elevator wins $63m Contract

By John Lee. South Korea’s Hyundai Elevator Co. has secured a $63-million contract to supply 1,668 elevators for all apartment buildings of the Bismaya New City Project until 2019. An additional $26 million deal is reported to be likely to be signed within the week to set up elevators in buildings, bringing the total to […]

Iraqi Housing Initiative “Fails to Deliver”

By Omar al-Shaher for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News. The Iraqi National Investment Commission (NIC) is facing major problems in marketing units in the largest residential project in the country, despite the growing housing crisis in the capital of Baghdad. […]

MP Says Bismayah Housing Project has ”Failed “

By John Lee. An MP and member of parliament’s the Economic Committee has described the giant Basmaya [Bismayah] City housing project as “failed”, and says “the National Investment Commission (NIC) will not be able to implement it.” Azez al-Mayahi, of the Iraqiyya party, demanded that the NIC clarify that status of the project, according to […]

NIC Opens Center for Bismayah Housing Project

The National Investment Commission (NIC) has opened a center for the Bismayah New City project at the Baghdad International Fair. It will receive citizens registered and wishing to register for housing units in the project for the three sizes of housing unit: 100 m², 120 m², and 140 m². NIC Chairman, Dr. Sami Raouf al-Araji […]