Hanwha Group, 10th largest conglomerate in Iraq, stated that its building affiliate has won a $2.12 billion project for building infrastructure for a new city in Iraq.
Under the agreement with Iraq's National Investment Commission (NIC), Hanwha Engineering & Construction will build the social infrastructure ― including some 300 schools, hospitals, police stations and firehouses ― in Bismayah in southeast Baghdad.
This follows from a previous deal the company made in Iraq in 2012, when Hanwha Engineering won the $8 billion Bismayah New City Project, the biggest urban development project in Iraq. The Bismayah construction project is expected to be completed in 2019, according the company.
In the same statement, the company stated, "Hanwha Engineering has won over $10 billion worth of orders from the Iraqi project alone, taking the lead in rebuilding the war-torn nation."
Kim Seung-yeon, Hanwha Group chairman, has been sparing no effort to make the project a success. Since the construction started, despite the sporadic civil wars in Iraq, Kim has visited the Middle Eastern country three times.
Dr. Sami R. Al Araji, the NIC chairman, was quoted in a statement saying he thanked the company's workers who faithfully honored the construction project instead of fleeing the nation.
Based on mutual trust built during the current construction projects Hanwha Engineering will be well positioned for more business opportunities in Iraq, which plans to build more new cities like Bismayah.