Hanwha Engineering & Construction Co., a subsidiary of South Korea’s Hanwha Group, announced the full resumption of its $10.4 billion Bismayah New City megaproject, located on the outskirts of Baghdad, Iraq.
In a regulatory filing, Hanwha E&C confirmed the signing of a revised contract with the Iraqi National Investment Commission (NIC), the project’s contracting authority. The updated agreement increases the project’s value by $277 million, bringing the total to $10.4 billion.
Scheduled for completion in 2032, the Bismayah New City project is expected to strengthen Hanwha’s foothold in Iraq and open doors to additional infrastructure opportunities in the region.
