The UAE has signed a €5 billion ($5.5 billion) deal with the Hungarian government to redevelop a Budapest neighborhood, weeks after the Gulf state acquired development rights for an Egyptian Red Sea resort for $35 billion.
The Abu Dhabi-based real estate company Eagle Hills Properties will work with the municipal government of the Hungarian capital to develop the neighborhood around the abandoned Rakosrendezo railway station, Hungarian Foreign Minister Peter Szijjarto said after signing the deal with UAE Minister of State for Foreign Trade Thani Al Zeyoudi, according to Bloomberg.
Privately owned Eagle Hills Properties is one of the biggest developers in the Gulf region. It has property developments elsewhere in the Middle East as well as in Africa and Europe. According to Bloomberg, the company has been growing in countries in need of new homes and offices, among them Albania, Ethiopia and Serbia.
The new project around the Rakosrendezo station is expected to bring some of the futuristic, high-rise style buildings of Dubai and the other Emirates to Budapest. The possibility has already elicited criticism from the municipal government, which sees such a development as a threat to the city’s historic skyline, Bloomberg reported.
