Tag Archives | Bismaya

Hanwha "Abandons" $10bn Bismayah Project

By John Lee. South Korea's Hanwha Engineering & Construction has reportedly abandoned construction at the giant Bismayah New City housing project near Baghdad. According to Korea Economic Daily, the decision was made having failed to receive payments for years from the Iraqi government. It says the company expects losses of up to $581 million if […]

NIC appoints Firms to Investigate Bismaya Housing Project

By John Lee. The Chairwoman of the National Investment Commission (NIC), Suha Daoud Najjar, has received approval from Iraq's Council of Ministers to hire an international law and an international auditing firm to investigate previous contracts at the Bismaya Residential City. According to a statement from the NIC, the firms will "propose a financial model, […]

Iraqi Government takes on Housing Crisis

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author(s) and do not necessarily reflect the views of Iraq Business News. Iraqi government takes on housing crisis The Iraqi government is mulling over several housing projects to solve the mounting housing crisis. Click here to read the full story.

Major Housing Projects planned for 2021

By John Lee. The Chairwoman of the National Investment Commission (NIC), Suha Dawood Najar, has said that the coming year will see investment opportunities in each Iraqi province, similar to the Bismaya City housing project in Baghdad. She made the announcement at a recent meeting with the heads of the provincial investment commissions of Kerbala, […]

Govt Increases Incentives at Bismaya; pays Hanwha $100m

By John Lee. The Iraqi Cabinet has directed Al-Rafidain Bank, Al-Rasheed Bank, and the Trade Bank of Iraq (TBI) to pay $100 million to South Korea's Hanwha Engineering and Construction Company, which is implementing the Bismayah City residential project (pictured). It also agreed to reduce the minimum advance payment for buying housing units at the […]

Coalition Transfers Besmayah Base to ISF

Combined Joint Task Force - Operation Inherent Resolve (CJTF-OIR) conducted a ceremony with Iraqi Security Forces (ISF) to transfer the Coalition area of Besmayah Base, Iraq, July 25, 2020. Due to Iraqi Security Forces' success in the campaign against Daesh, the Coalition is adjusting its positioning and focus in Iraq. These military movements are long-planned […]

GE completes Major Work at Bismaya Power Plant

By John Lee. GE Gas Power has reported that it has successfully completed services on four 9F.03 gas turbines, two steam turbines and six generators at Iraq's Besmaya Power Plant safely and on time, while continuing to execute wider operations and maintenance (O&M) works at the site despite the many challenges posed by the COVID-19 […]

New Investment Opportunities in Iraq

By John Lee. The National Investment Commission (NIC) has announced the following investment opportunities: Diwaniah Airport, Iraqi Civil Aviation Authority (ICAA) Fuel Station in Bismayah City, NIC Construction of an Exemplary Security Forces city, NIC (Source: National Investment Commission)