By John Lee. A new road map has been put in place for the continuation of work on the the giant Bismayah New City project on the outskirts of Baghdad. According to a statement from the National Investment Commission (NIC), South Korean company Hanwha is expected to sign a revised contract in the coming weeks, […]
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 […]
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 […]
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 […]
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, […]
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.
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 […]
By Azhar Al-Ruabie for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News. Iraq's al-Faw port project's endless delays Although 10 years have passed since the Iraqi government started laying the groundwork for the al-Faw grand port in southern Iraq, the project is still far […]
By John Lee. South Korea's Hanwha Engineering and Construction (E&C) has said it haws received an additional payment of $230 million from the Iraqi government for work carried out in the first half of this year on the Bismayah New City project in Baghdad. According to the report from Business Korea, the total contract is […]
By John Lee. Prime Minister Haider Al-Abadi has received a delegation from Korean company Hanwha, headed by its President and CEO, Choi Kwang-ho. During the meeting, they discussed the progress at the Basmaya housing complex near Baghdad, with the Prime Minister stressing the importance of securing the road link between the residential complex and the center […]
Korean firm Hanwha Engineering and Construction received about $560 million in construction fees last week from the Iraqi government for its ongoing new city project, the company said on Monday. The company has been building the 1,830-hectare new city Bismayah, 10 kilometers southeast of Baghdad, an $8-billion contract signed in 2012. The two parties agreed […]
Prime Minister Dr. Haider Al-Abadi received in his office on Sunday a delegation from the Korean company Hanwha which is implementing the Bismaya residential project. The delegation gave a presentation on progress reached on the ground for the project, where the first three thousand residential units to best standards have been completed in full, with […]
