Press Release Retail & Services

Iraq's National Investment Committee Shows Confidence in Hanwha Engineering & Construction's capabilities on Bismayah New City Project

January 10, 2013

Press Interview for H.E. Dr. Sami R. Al-Araji, Chairman of National Investment Commission Iraq

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 in attendance.

"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

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Hanwha Group

Founded in 1952, Hanwha has grown quickly by anticipating and responding to changing business environments with a balanced business portfolio that includes energy & materials, aerospace, finance and retail & services. Our expertise and synergy in key areas have catapulted us into the seventh-largest business in South Korea and a Fortune Global 500 company. Hanwha continues to grow rapidly as we strive to pursue global leadership in all of our businesses. We are building a robust foundation for sustainable development and a brighter future for everyone.

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