Thani bin Ahmed Al Zeyoudi and Péter Szijjártó at the ceremony.
UAE signs deal to develop $5.4bn urban district in Hungary
DUBAI, March 17, 2024
UAE-based Eagle Hills Group has secured a major contract from Hungarian authorities to develop a new urban district in capital Budapest at a total investment of €5 billion ($5.46 billion), reported Hungary Today.
According to the preliminary plans, the prime project, coming up within the vicinity of Rákosrendező railway station, will boast a range of complex tourism, economic, business and leisure lifestyle elements and even have a Dubai-style skyscraper, catering to the surrounding derelict industrial areas, it stated.
Earlier local media had speculated that Emaar Properties, the developer of the iconic Burj Khalifa tower, had been awarded the contract for the premium Hungarian project.
Dismissing these reports, Hungarian Minister of Construction and Transport János Lázár said an agreement has been inked with Eagle Hills Group for the premium development.
"As part of this coveted project, a new millenium city centre is also being set up in the area of the Rákosrendező railway station. The plans also include improvements to the public transport infrastructure, with the extension of the M1 metro and the development of around four to five public transport hubs," stated the minister.
The agreement comes following a major economic co-operation agreement inked between Hungary and the UAE authorities in Budapest recently in the presence of visiting Minister of Foreign Trade Thani bin Ahmed Al Zeyoudi and Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó.
On the new project, Szijjártó said: "It is always important in economic co-operation between two countries to have a flagship project, which in this case could be the construction of a new Budapest district in a particularly dilapidated area."
"Thus, the agreement was signed, which will provide the framework for a complex development plan of the real estate development giant Eagle Hills in the area around the Rákosrendező railway station," he noted.
Szijjártó pointed out that this huge urban development project would give a new impetus not only to the cooperation between the two countries, but also to the development of Budapest.
"This project will not only create a new, modern urban district, but also a major urban development project with complex tourism, economic, business, and sports functions," he added.
According to him, the key UAE investment will bring a new quality of life to Budapest and the country, and will put the capital on the global map of cities with similar large-scale developments.
"I am also confident that this huge investment will open the way for other Emirati companies in modern industries to look at Hungary as an attractive investment destination," he added.
On the upcoming project, Chairman Mohamed Alabbar said: "Eagle Hills Properties is thrilled at the prospect offered by Hungary, a country celebrated for its vast potential and rich cultural heritage. We are genuinely honoured to be considered for partnership in this significant development."
"This project goes beyond mere real estate investment; it is a testament to our deep respect and admiration for Hungary's historical significance, cultural vibrancy, and the ambitions of its people for the future," stated Alabbar.
"Eagle Hills Properties is dedicated to applying our expertise and enthusiasm for urban renewal, ensuring that this project not only fulfills but surpasses the expectations of the community and all stakeholders involved," he added.
