South Korea’s Hanwha resumes work on Iraq’s Bismayah New City project

Baghdad (IraqiNews.com) – At a conference held in Iraq, the Iraqi Investment Commission and the South Korea-based Hanwha Company signed a memorandum of understanding (MoU) to resume operations in Bismayah.

Iraq’s Prime Minister, Mohammed Shia Al-Sudani, attended the conference along with South Korea’s Land Minister Park Sang-woo, and Haider Muhammed Makkiya, the Head of the Iraqi National Investment Commission (NIC).

The Bismayah New City project by Hanwha E&C consists of eight villages, community facilities, and more than 834 residential buildings. With a total aggregate count of 100,080 units, it can accommodate more than 600,000 Iraqi citizens.

Unpaid construction expenditures caused the $9.8 billion city development project in Iraq to be halted for more than a year.