Tag Archives | Bismayah

Hanwha "Cautious" about resuming Bismayah Project

By John Lee. South Korea's Hanwha Group is reported to be "cautious" about resuming the construction at the giant Bismayah New City housing project, southeast of Baghdad. The Korea Times quotes an official at the company as saying that if the Iraqi government completes payment of the money owed to Hanwha, the company, "may resume […]

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 […]

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)

Financing agreed for Siemens Transformer Deal

By John Lee. Iraq's Cabinet of Ministers has approved a loan agreement between the Federal Ministry of Finance, Standard Chartered Bank and the German Deutsche Bank for the purpose of financing the construction of 13 secondary substations (132) kV, and the supply of 35 high voltage transformers with the German company, Siemens, for the Ministry […]