The Iraqi National Investment Commission (NIC) signed a $7.25 billion deal to build one hundred thousand housing units as a complete neighborhood East of Baghdad. The signing ceremony with Hanwha Engineering & Construction, one of the largest engineering and construction companies in South Korea, took place at the Iraqi Prime Minister's Office Nouri Al-Maliki this past Wednesday.
"We endorse this meeting and we wish to see implementation of the project as soon as possible in order to build one million housing units and to perform major projects in other fields" said Prime Minister Maliki.
"The signing to build one hundred thousand housing units is the beginning of the one million housing unit project throughout Iraq. This agreement was supported by the recent visit of Prime Minister Maliki to South Korea" said Dr. Sami Al-Araji, Chairman of the Iraqi National Investment Commission.
Dr. Al-Araji said the project will begin soon in the land that has been chosen in Bismaya and covers part of the share of housing units allocated to Baghdad which is 224 thousand of the total one million housing units. He stressed that this project will house approximately 600 thousand residents and will provide them with all the services.
Mr. Hyun-Chung Kim, CEO & Vice Chairman of Hanwha expressed his great satisfaction with the signing of this agreement and affirmed that work will begin immediately at the site.
"We are extremely grateful to H.E. Prime Minister Maliki and Dr. Sami Al-Araji and the Hanwha team for their perseverance and determination to see this deal through and we are honored to be the local partners of Hanwha in this historical project." said Mazin Wajih, Chairman & CEO of Harlow International who has worked very closely with Hanwha and the Iraqi government to expedite the signing of this deal.
According to a statement from Prime Minister Nouri Al-Maliki, work on the site will begin "immediately."