New Conditions for completion of $-multi-billion Housing Project

By John Lee.

The Chairwoman of the National Investment Commission (NIC), Suha Daoud Najjar, has said that the NIC has specified "a number of legal and financial conditions" to proceed with the development of the Bismaya Residential City southeast of Baghdad.

She said the NIC is now waiting for a reply from South Korean firm Hanwha, which has been building the multi-billion-dollar housing project on a site of 1,830 hectares.

When completed, the new city will provide 100,000 residential units, along with associated infrastructure.

Earlier this year, Iraq's Council of Ministers approved a plan to hire an international law and an international auditing firm to investigate previous contracts relating to the project.

Ms Najjar added that despite NIC's willingness to have the project completed by Hanwah, it still has several options to complete it in case the company insists on, "keeping the former contexts that we do not consider fair for the Iraqi Government and citizen."

(Source: NIC)

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