Hanwha Group win $2.12 Iraq deal

Hanwha Group has signed an order for an additional $2.12 billion in social infrastructure construction for the Bismayah New City project, just four months after the visit of Chairman Seung Youn Kim to Iraq in late 2014.

Bismayah New City Project is a contract Hanwha Group won from the government of Iraq in 2012 to construct 100,000 residential units in an area of approximately 1,830 hectare, totalling $8 billion.

On April 5th, Hanwha Group signed an agreement for the additional social infrastructure construction for the Bismayah New City at the Iraq National Investment Commission (NIC) Annex in Baghdad.

With this additional order, Hanwha E&C cements its leadership position in the restoration project of postwar Iraq with total value of orders exceeding $10 billion in the Bismayah New City alone.

The new project will supplement the construction for 100,000 residential units currently underway for the Bismayah New City project by constructing a variety of key social infrastructure for the new city including over 300 schools and hospitals, police stations, fire stations, roads and water and sewage systems.

Hanwha E&C’s latest order aims to provide Bismayah New City, the future home to over 600,000 residents, with further self-sufficiency. When completed in 2019, the project is expected to become a testament to Iraq’s recovery and development as the first fully modern city constructed
in the post-war period.

Source: www.hanwha.com

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