Iraq is in talks with South Korea's Hanwha Engineering and Construction Company to restart the country's largest housing project, which was halted due to payment delays.
The National Investment Commission (NIC), which gave Hanwha the "Bismata City" project 10 years ago, held talks with the contractor in Baghdad, Aliqtisad News and other Iraqi publications reported. "The negotiations cover all disputes that led to the project being stopped in 2019... We are trying to find a legal solution that will allow the project to restart at full capacity," said NIC President Suha Al-Najjar.
Hanwha built about 30,000 of the project's 100,000 homes before deciding to stop work after not receiving payment for 2019-2020.
OPEC member Iraq awarded Hanwha the $7.7 billion contract in May 2012, and work began in 2013 but was thwarted. The project, located approximately 10 km southeast of the capital Baghdad, has an area of 18 square kilometers. The city will accommodate approximately 600,000 people and will also include power and sewer networks, communication systems, roads, parking lots, schools and universities, health centers and other facilities.
Comments
No comment yet.