South Korea’s Hanwha resumes work on Iraq’s Bismayah New City project
In a significant development for infrastructure projects in Iraq, the Iraqi Investment Commission and South Korea-based Hanwha Company have inked a memorandum of understanding (MoU) to recommence operations in Bismayah. The MoU signifies a renewed commitment to advancing the Bismayah New City project, a critical initiative aimed at urban development and residential expansion in the region.
The conference held in Iraq saw the attendance of key dignitaries, including Iraq’s Prime Minister, Mohammed Shia Al-Sudani, South Korea’s Land Minister Park Sang-woo, and Haider Muhammed Makkiya, the Head of the Iraqi National Investment Commission (NIC). Their presence underscores the importance and mutual interest in revitalizing the project, which holds significant economic and social implications for both nations.
Hanwha E&C, the construction arm of Hanwha Group, is spearheading the Bismayah New City project, envisioned to comprise eight villages, along with essential community facilities and over 834 residential buildings. With an impressive total of 100,080 units, the city aims to provide housing for more than 600,000 Iraqi citizens, addressing critical urbanization challenges and fostering sustainable growth.
The resumption of work on the Bismayah New City project comes after a prolonged hiatus, attributed primarily to unpaid construction expenditures totaling $9.8 billion. This pause in development has persisted for over a year, leading to uncertainties and delays in the project’s timeline. However, with the signing of the MoU, there is renewed optimism and momentum towards overcoming past obstacles and achieving project milestones.
The Bismayah New City project holds immense promise for Iraq, offering not only much-needed housing infrastructure but also employment opportunities and economic stimulus through construction activities and ancillary services. Moreover, the partnership between Iraq and South Korea underscores the importance of international collaboration in driving sustainable development and fostering mutually beneficial relationships in the global arena.
As work resumes on the Bismayah New City project, stakeholders remain focused on ensuring efficient project management, addressing financial considerations, and prioritizing the well-being and interests of the local communities. With concerted efforts and continued commitment, the project is poised to play a transformative role in reshaping urban landscapes and enhancing the quality of life for residents in Iraq.
