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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Korean "Hanwha" abandons the Basmaya project

    Rocky
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    The Korean "Hanwha" abandons the Basmaya project Empty The Korean "Hanwha" abandons the Basmaya project

    Post by Rocky Mon Oct 10, 2022 6:28 am

    The Korean "Hanwha" abandons the Basmaya project

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    Economy News - Baghdad
    The South Korean company Hanwha Engineering and Construction revealed that it has abandoned a $10 billion project to build housing units in the city of Bismayah after failing to receive payments for years from the Iraqi government.
    According to a report published by the "daily economy Korea" website, as translated by local media and followed by "Economy News", "Hanwha Engineering and Construction, a subsidiary of Hanwha Corp., expects losses of 828 billion won - equivalent to 581 million won." dollars from the project if you fail to recoup any money spent on it.”
    He added, "The Korean Construction Company notified the Iraqi National Investment Authority, which awarded the project to the Hanwha Engineering and Construction Company ten years ago, of its decision to finish construction work on the outskirts of Baghdad."
    "The Iraqi National Investment Commission violated our contract by delaying payments several times," a statement from the Korean company said. "We are now in the process of completing the project," he added.
    It is noteworthy that "the plan for the new city of Bismayah, which was described as the largest city development project in the history of Iraq, was proposed for the first time in 2010 and awarded to Hanwha in 2012. The plan was to build 100,000 housing units on an area of ​​​​1830 hectares with all necessary From transportation, water, education, health and energy infrastructure, however, Hanwha halted work on the project in September 2020 after completing 30,000 homes as Iraq failed to pay its dues for two years.
    It is also mentioned that "the project was originally scheduled to be completed in 2020 but was postponed to 2027 due to the unstable political situation in the Middle East and delayed payments from the Iraqi government."
    Industry watchers said, "Hanwha is abandoning the Besmaya project to prevent any further negative financial impact from spreading across the entire Hanwha group."
     

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    Added 10/09/2022 - 6:34 PM
    Update 10/10/2022 - 1:28 PM


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