Hanwha receives $230m Payment for Bismaya

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 valued at $10.1 billion, of which Hanwha has so far received a total of $3.47 billion.

The project will see around 100,000 homes built near the capital.

(Source: Business Korea)

Hanwha briefs PM on Progress at Bismaya Housing Complex

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 of Baghdad.

He heard a detailed explanation by company representatives about the completion plan for the coming years, emphasizing the quality of housing units and the necessary services, including maintaining the cleanliness of the environment and spaces within the complex.

He also has called for a meeting between the company and Iraqi banks to reach suitable formulas to secure the marketing of the units under appropriate lending conditions.

Hanwha is currently building 100,000 homes at the project, which are due for completion by 2019.

(Source:  Office of the Prime Minister)

Hanwha receives $560m for Bismaya Project

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 an additional deal to build social infrastructure for $2.1 billion in April 2015, bringing the total accumulated contract to $10.1 billion.

According to a report from the Korea Herald, the latest payment enables the company to cover all accounts receivable, “alleviating its liquidity status and improving the financial health of the company“.

The Iraqi government made the payment through loans from the state-run bank after taking over the completed houses of the new city.

Korea’s Export-Import Bank and Korea Trade Insurance Corporation also provided support for the payment process, the company said.

With construction about 30 percent completed, the company aims to build 100,000 houses and about 300 institutions, including schools, hospitals and public facilities.

The new city will consist of eight towns. So far, about 5,000 households have moved into the first town.

(Source: Korea Herald)

Al-Abadi meets Delegation from Hanwha

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 the accompanying infrastructure in order to ensure the provision of services and housing for citizens who purchased those units, in addition to providing a clarification on the cost of the project and the payments due on the current progress.

The Prime Minister expressed his appreciation for the progress of the project and the company’s commitment to its implementation, stressing the need to develop ways of marketing the housing units and the creation of a company to ensure a successful administration to serve the housing units and the provision of requirements of maintenance and follow-up, and working to secure the financial dues to the company.

(Source: Prime Minister’s Media Office)


Hanwha Wins $2bn Iraq Order

By John Lee.

South Korea’s Hanwha Group has reportedly won a $2.12-billion (2.5-trillion-Iraqi-dinar) order to build the social infrastructure for Bismayah New City.

According to Yonhap News Agency, the agreement was signed with Iraq’s National Investment Commission (NIC) on Monday.

The Group is currently building 100,000 homes at the project, which are due for completion by 2019.

(Source: Yonhap, Reuters)

Hanwha Receives Further Payment for Bismaya

By John Lee.

Hanwha E&C has announced that the company received the fourth deposit of US$387.5 million (452 billion Iraqi dinars) for the construction of the Bismayah New City (pictured) outside Baghdad.

This sum brings Hanwha receipts from the project to $1.9375 billion, 25 percent of the total construction cost.

The $8-billion project is the largest overseas construction project ever for a Korean company, according to a report from BusinessKorea.

CEO Lee Geun-po of Hanwha E&C said:

Successful receipt of deposit this time proves the strong confidence of the Iraqi government in Chairman Kim Seung-yeon and the great capabilities of Hanwha E&C in construction performances.

“Even during the civil war in Iraq, Hanwha E&C employees and subcontractors are very devoted to proceed with the construction.

(Source: BusinessKorea)

Hanwha Opens Precast Concrete Plant at Bismayah

Prime Minister Nouri Kamil al-Maliki has opened the new Hanwha Precast Concrete Plant at the Bismayah New City development near Baghdad.

Speaking at the event, he said that “this project is our dream that has come true because it reflects our hope to provide housing units for all Iraqi people who were deprived of their right to live in decent housing units due to the wars, wrong policies and foolishness of the former regime”, stressing that the government intends to deliver housing units of this project for those affected by the terrorist attacks.

He added that “the … suspicion of this project [has] come to an end. Now, the project is real, and we have to start to provide residential units. Our ambition is to proceed from the Bismayah Project by developing a plan to provide one million housing units and beyond, to three million housing units, either by convenient installments or distribution and building of residential land plots for those who do not have income”, stating that there are other similar housing projects in Basra and Karbala are being built.

The Prime Minister has appreciated Hanwha efforts, praising its seriousness and commitment to work and agreement. Also he extended congratulations to the people registered on the housing units.

Hanwha Precasts Concrete plant complex is built on the area of 660,000 m2. Including this plant, HANWHA E&C invested in 14 sub-plants of construction material production inside its base camp.

(Source: Hanwha)

Hanwha Gets $511m Advance Payment

By John Lee.

South Korea’s Hanwha Engineering and Construction has said that it has received an additional $511 million in advance payment for its Bismayah New City Project (BNCP), located 10 kilometers southeast of Baghdad.

According to a report from Yonhap News, this brings the amount of money the builder has received so far for the $8 billion Bismayah New City Project (BNCP) to around $1.6 billion, or 20 percent of the total.

The company said Iraq will send another $388 billion in the second half.

The 1,830-hectare Bismaya development is intended to accommodate around 600,000 residents in a total of 100,000 residential units. Construction is due to be completed by 2019.

About 100 South Korean companies are also engaged in the project as partners and have some 1,500 workers stationed at the site.

(Source: Yonhap News)

Hyundai Elevator wins $63m Contract

By John Lee.

South Korea’s Hyundai Elevator Co. has secured a $63-million contract to supply 1,668 elevators for all apartment buildings of the Bismaya New City Project until 2019.

An additional $26 million deal is reported to be likely to be signed within the week to set up elevators in buildings, bringing the total to a little over $89 million.

Bismaya, the biggest housing project in the Middle East, is being built by South Korean company Hanwha.

(Source: Yonhap)

NIC Reduces Downpayments at Bismayah

Iraq’s National Investment Commission (NIC) decided to reduce the down payment required to buy housing units at the new Bismayah development.

NIC Chairman Dr. Sami al-Araji said that following requests from the public, the down payment would be reduced from 25 percent to 10 percent.

He added that work at Bismaya, the biggest housing project in the Middle East, was proceeding according to schedule.

(Source: National Investment Commission)