Of the 30,000 housing units completed in Bismayah, 21,480 units have been handed over to the NIC and are already occupied by local residents.“We could say the project is Korea’s largest export of a K-style new city, spanning 18.3 square kilometers — six times the size of Yeouido, a business district in Seoul — and is designed to house an estimated 600,000 residents," said a Hanwha official.“We expect the resumption of the project to revitalize the stagnant construction market in Iraq and contribute to its economic growth.”KOREA HAS ROLE TO PLAYDuring a February meeting with Iraqi Minister of Transportation Razzaq Muhaibis Al-Saadiawi in Baghdad, Korean Minister Park said Korea has a role to play in Iraq’s ambitious urban development projects, given Korean builders’ ample experience in urban development and smart city construction projects.
Hanwha Engineering & Construction Co., an affiliate of South Korea’s Hanwha Group, said on Friday it is set to fully resume a $10.4 billion megaproject to build a new city on the outskirts of Baghdad, Iraq, that had been halted for nearly two years over unpaid bills.
IRAQ FAILED TO PAY DUES FOR TWO YEARSSigns of the project's resumption became clear in February when Korea’s Minister of Land, Infrastructure and Transport Park Sang-woo agreed with Haider Muhammed Makkiya, the head of Iraq’s NIC, to resume the project.
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