By John Lee.
The Chairman of the National Investment Commission (NIC), Dr. Haider Mohammed Makiyya, has announced the signing of a pivotal addendum to the contract for the Bismaya Residential City project. The agreement focuses on:
- Implementing Infrastructure and Social Services: Ensuring essential facilities and public services in the city.
- Completing 70,560 Housing Units: Resuming construction of the remaining units in partnership with South Korean company Hanwha.
Dr. Makia described the contract addendum as a landmark achievement, marking the culmination of two years of collaborative efforts between the NIC and various government entities. He emphasized the project's importance in addressing Iraq's housing needs and reviving this critical national initiative.
The negotiations with Hanwha were guided by Cabinet Decision No. 23642 of 2023, which stipulated that the project's funding would follow a self-financing model, allowing beneficiaries to contribute directly, akin to other residential investment projects. The addendum will now proceed to the Legal Department at the General Secretariat of the Council of Ministers for final approval.
Key Highlights of the Agreement:
- Collaboration with Hanwha to ensure high-quality infrastructure and services within a defined timeline.
- A commitment to equitable housing opportunities for all applicants, whether existing beneficiaries or new registrants via the "Ur" digital platform.
Dr. Makia affirmed that this milestone resolves long-standing market challenges surrounding the project and provides clarity and confidence to registered applicants. The NIC will soon announce detailed timelines for allocations, ensuring transparency and efficiency in delivering housing solutions to Iraqi citizens.
(Source: NIC)
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