UAE Inks USD5.5 Billion Deal to Revamp Budapest Neighborhood

UAE Inks USD5.5 Billion Deal to Revamp Budapest Neighborhood

– UAE signs €5 billion ($5.5 billion) deal with Hungarian government for Budapest neighborhood redevelopment.

– Abu Dhabi-based Eagle Hills Properties to collaborate with local authorities on transforming abandoned railway stations.

– The Hungarian government commits an additional €1 billion investment for infrastructure development; bilateral trade exceeds $1 billion annually, with Hungarian firms expanding in UAE’s food and ICT sectors.

The United Arab Emirates (UAE) has entered into a significant agreement worth 5 billion euros ($5.5 billion) with the Hungarian government to revitalize a district in Budapest.

According to reports from Bloomberg, Eagle Hills Properties, a private real estate investment and development firm headquartered in Abu Dhabi, will collaborate with local authorities in Budapest to transform an abandoned railway station.

UAE Minister of State formalized the agreement for Foreign Trade, Thani Al Zeyoudi, and Hungarian Foreign Minister Peter Szijjarto. It entails redevelopment of the Rákosrendező railway station area along the Vác railway line in Budapest, as stated by local media sources.

Furthermore, the Hungarian government has pledged an additional investment of nearly €1 billion for infrastructure development.

During a joint press conference, Szijjarto, as cited by The Budapest Times, highlighted the growing bilateral trade between Hungary and the UAE, surpassing an annual value of $1 billion. 

He also noted the increasing presence of Hungarian companies in the UAE’s food industry and information and communication technology (ICT) sector.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.