UAE inks $5b deal for Budapest project

Hungary and the United Arab Emirates (UAE) signed a €5 billion deal to revitalise a run-down Budapest neighbourhood with Dubai-inspired development, Bloomberg reported on Thursday.

Eagle Hills Properties LLC will partner with the Hungarian government to develop a disused railway station. The Hungarian government plans to invest €1 billion in infrastructure improvements in the area.

The project, mandated by Prime Minister Viktor Orban, aims to bring a touch of Dubai’s grandeur to Budapest. The municipal government has raised concerns about the impact on the historic skyline.

Eagle Hills, a major Gulf developer, has projects across Europe, Africa, and the Middle East, focusing on modern homes and offices.