The Iraqi National Investment Commission has awarded Hanwha Engineering and Construction a $7.25 billion deal to build a new town at Besmaya, 25 kilometers east of Baghdad. The company intends to begin construction on the 1,830 hectare site later this year and anticipates the project to take at least 7 years to complete.
Hanwha, a Korean construction company, will be in charge of engineering, procurement and construction of the town. The town will contain 100,000 housing units and the infrastructure to support 600,000 residents.
� 2011 Al Bawaba (www.albawaba.com)
Source: http://www1.albawaba.com/main-headlines/iraq-invest-725-billion-new-town-376795
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