Skip to main content

Hungary signs $5.5B deal with UAE firm to develop Budapest neighborhood

The new project around the Rakosrendezo freight train station is expected to bring the futuristic, high-rise style of Dubai and other Emirates to the Hungarian capital.
A passenger walks along the platform of the Rakosrendezo railway station, site of a controversial redevelopment by the UAE, Budapest, Jan.  12, 2024.

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. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.