Iraq-Korea Contract Revives Bismayah Housing Project

As the new year begins, the National Investment Commission (NIC), led by Professor Dr. Haider Muhammad Makiya, extends heartfelt wishes for a year filled with prosperity and blessings to all residents and registrants of the Bismayah City Project. Addressing key inquiries and concerns, the NIC provides the following updates:

The delay in delivering residential units, originally scheduled for the end of last year, is attributed to the incomplete water project. The NIC is working diligently with relevant authorities to resolve the issue, ensuring distribution as soon as the project is finalised.

For registrants awaiting units, the NIC reaffirms that all units have been delivered, except for those in the Western-style category. This segment, delayed for over four years, will be distributed this year.

Special cases, including individuals with humanitarian needs, represent a small portion of remaining units. The NIC assures that these cases are being addressed promptly without significant impact on overall unit availability.

Regarding electronic registrants—estimated at 70,000—their transactions will commence in 2026, with 10,000 units allocated annually.

The NIC also clarified concerns about financing mechanisms. The existing model remains unchanged: beneficiaries will pay only 10% of the unit’s value, with the remaining balance financed by a bank and repaid over 25 years.

Finally, the NIC confirmed that the contract signed between Iraq and South Korea to resume project work will take effect this year. Hanwha Company is set to restart operations once the Cabinet approves the contract annex, advancing the project’s completion.

The NIC remains committed to addressing inquiries and ensuring the success of the Bismayah City Project, a cornerstone of Iraq’s housing development efforts.