Important updates on the Bismaya City project
Ladies and gentlemen who are registered on the Bismayah City project.
M/Follow-up
As the New Year begins, the National Investment Authority (NIA), headed by Prof. Dr. Haider Mohammed Makkiya, extends its warmest congratulations and wishes for a year full of goodness and blessings to all residents and registrants of the Bismayah City project. As part of our commitment to transparent communication with our esteemed audience, we are pleased to answer the most prominent inquiries and comments that we have received, as follows:
1. The date of delivery of residential units:
- As for the residential units that were expected to be delivered by the end of last year, we emphasize that the delay in delivery is due to the incomplete completion of the city’s water project.
- The authority has taken several measures in coordination with the concerned authorities to complete this project, and will start distributing the units as soon as it is completed.
2. Inquiries from registrants who have not received their units:
- The authority has already clarified and reiterates that it has completed the delivery of all units to those registered on the project, with the exception of the western styleunits, which has been suspended for more than four years.
- Delivery for the western style will resume during the current year.
3. Special exceptions:
- The exceptional cases referred to, which relate to people with special humanitarian needs, fall under the jurisdiction of the head of the Authority.
- We clarify that these cases are very few and do not affect the total number of remaining units, which will be distributed according to their eligibility.
4. Those registered through the Ur online platform:
- For those who registered for the project through the Ur electronic platform, which amounts to about 70,000registrants, we would like to inform you that:
- Promotion of allotment transactions will start from 2026 at a rate of 10,000 housing units per year.
5. Explanation of project financing:
- Regarding the phrase “beneficiary financing of the project”, we emphasize that
- Your purchase will remain unchanged.
- The beneficiary (registered on the project) will be obliged to pay only 10% of the value of the residential unit, while the remaining percentage will be financed by the respective bank with a repayment period of up to 25 years.
6. Resuming work on the project:
- A draft contract was signed between the Iraqi and Korean sides to resume work on the project.
- The contract will come into effect this year after the Cabinet approves the annex to the contract.
- Hanwha will start the remaining work on the project in the near future.
Acknowledgments:
We thank you for your cooperation, patience and trust, and we look forward to continuing to work together for a better future for Bismayah and its residents.
National Investment Authority
January 2, 2025