Hanwha Group signs US$7.75 billion housing contract in Iraq

Hanwha_IraqThe Baghdad governor, Salah Abdul Razzaq. (Image source: investorsiraq) South Korea's Hanwha Group has signed a US$7.75 billion contract to build 100,000 house units in Iraq

The Besmaya project will be located 10km southeast of the capital Baghdad, will take seven years to complete and will include new roads and sewer systems, revealed Hanwha Group in a statement.

The governor of Baghdad, Salah Abdul Razzaq, said that more than 30,000 people had registered for the units so far and that the project would secure 100,000 jobs.

The housing project will be developed by Hanwha Group’s construction arm, Hanwha Engineering & Construction Corp.

The project is part of the government's plan to build 224,000 homes in Baghdad, according to the country's investment commission chief, Sami al-Araji.

Earlier this month, Iraq's minister for construction and housing said the country expected to spend $9.8 billion on construction in the 2012-2016 period.

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