SEOUL, KOREA - Hanwha Engineering & Construction said on April 3 that it has received an additional 540 billion won (US$510.6 million) in advance payment for the $8-billion Bismayah New City Project in Iraq. Earlier in October 2012 and October last year, the contractor had been given $775 million (about 10%) and $387.5 million (5%) in advance payments. At the end of this year, the company expects to get another payment of about 410 billion won.

 

 

The Bismayah project is considered the biggest urban development project in Iraq's history. The new city, located 10 kilometers southeast of the Iraqi capital Baghdad, covers 1,830 hectares of land area and is planned to accommodate 600,000 occupants in a total of 100,000 housing units.

 

Beginning in 2015, Hanwha E&C will build on average 20,000 housing units a year and a total of 100,000 units for the next five years. Currently the new city project is smoothly under way with the construction of base camps for the 20,000 workers, infrastructure networks such as electricity, water supply, sewer systems, and street grid. By the end of April, a large-scale precast concrete plant will be completed within the city. The plant will supply concrete walls and slabs for the buildings.

 

A Hanwha E&C official said, "The receipt of the advance payment was largely thanks to the trust the Iraqi government has with our company. We will do our best to complete the project without delay in partnership with 100 or so suppliers."