Yesterday , Saturday, the National Investment Commission set the date for starting the implementation of the Bismayah City Annex, noting that the start date will be after the approval of the Legal Department in the General Secretariat of the Council of Ministers to implement this project .
The Authority’s Media Director, Hanan Jassim, said, “The contract appendix for the construction and development of the Bismayah City project has been signed,” indicating that “the remaining (70) thousand housing units of the project will be completed by the Korean Hanwha Company .”
She pointed out that “the authority is awaiting the approval of the Legal Department in the General Secretariat of the Council of Ministers to implement the Bismayah City Annex project and complete the construction of the remaining (70) thousand housing units,” stressing that “the housing units in the annex are sufficient even for those registered through the electronic Ur platform .”
She added that “it is too early to talk about the registration mechanisms for the project,” noting that “once it is approved, the Korean side will begin the actual implementation, according to the agreed-upon terms, and then the lottery and distribution will be conducted according to priority .”
The Investment Authority had previously announced the signing of an addendum to the Bismayah City contract based on Cabinet Resolution No. 23642 of 2023, paragraph two of the resolution, which includes the completion of the construction of the remaining residential units of the project, amounting to 70,560 residential units, by Hanwha Company, by amending the project contract with an amendment that ensures that the financing of the construction of these residential units is directly from the beneficiary, similar to other residential investment projects.
