Iraq's National Investment Committee Shows Confidence in Hanwha Engineering & Construction's capabilities on Bismayah New City Project
[10 January, 2013] Dr. Sami R. Al-Araji, the chairman of the National Investment Committee(NIC) of Iraq that signed a contract for Bismayah New City Project worth USD 8 billion with Hanwha E&C, held a press conference on his visit to Korea. This press conference was to introduce the progress of Bismayah New City construction and propose that Korean companies invest and take part in additional city reconstruction projects, including for power plants, oil refineries and solar power plants, as well as
to seek cooperation from the Korean Government in this.
At this press conference, the chairman of the National Investment Committee (NIC) Dr. Sami R. Al-Araji, Iraq's Ambassador to South Korea Khalil Al-Mosawi, Korea's Ambassador to Iraq Kim Hyun-myung, CEO & Vice Chairman of Hanwha E&C Kim Hyun chung, President & CEO of Hanwha E&C Lee Keun-po and Director of KOTRA(Korea Trade-Investment Promotion Agency) Baghdad Hwang Euitae were
"We chose Hanwha Group because of its excellent performance and capability", said the chairman of the NIC Dr. Sami R. Al-Araji at the press conference. He also delivered a brief overview of Bismayah New City, which is progressing well and remains on schedule.
"On our visit to Seoul, we are putting in place plans for various, new projects including energy plants, oil refineries and insurance. With Hanwha Group which owns the country's top-level insurance company, as our strategic partner, we will continue to review possible fields for investment", he said.
"With Hanwha E&C's Bismayah New City Project, Korea has boosted its positioning in terms of being able to win more Iraq reconstruction projects, and the present is most opportune for making an investment", said Korea's Ambassador to Iraq Kim Hyun-myung.
Indeed, during their visit, Hanwha E&C and NIC achieved the notable result of reaching an agreement on design and relevant tasks for the Bismayah New City Project. NIC visited Korea together with the Technical Committee of director-level officials from Iraq government departments. NIC Chairman Dr. Sami R. Al-Araji expressed his satisfaction on all the preparations Hanwha E&C is working on, promising the company that the committee would be continuous in its support.
Overview of Bismayah New City Project
- Project: Bismayah New city Project
- Location: Bismayah, situated 10km southeast of Baghdad
- Ordering body: National Investment Commission of Iraq(NIC)
- Project scale: 1,830ha-wide new city and 100,000 - housing units construction
- Contract type: Design build type, which includes design, procurement and construction
- Contract amount: USD 8 billion
- Construction period: 7 years
Hanwha Engineering & Construction
Hanwha E&C has been rapidly growing into a global player at an annual average growth rate of 20 percent since 2002 by leveraging its extensive experiences from many of its past construction projects and by applying its new and most effective technologies. Our competitiveness is internationally recognized; we ranked 72nd on the list of the top global contractors (with construction revenues of more than USD 521 billion) in Engineering News Record in 2014, the international publication called the “bible of the construction industry.”
For more information, visit: www.hwenc.com
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea
and a “FORTUNE Global 500” company. Hanwha Group has 56 domestic affiliates and 226 global networks in three major sectors: manufacturing and construction, finance, and services and leisure.
With more than 60 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from chemicals & materials, aerospace & mechatronics, total solar energy solutions, and global construction. The finance network, covering insurance, asset management and securities, is the second largest non-bank financial group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
For more information, visit: www.hanwha.com