Staff Report,
Dubai, UAE
Abu Dhabi-based master property developer Eagle Hills Properties, has been invited by Hungarian authorities to re-develop part of the country’s capital city Budapest. In a statement, Eagle Hills said it will join hands with Hungary’s municipal government to redevelop the capital’s area. Eagle Hills will participate in the US$5.5 billion (Dh20.2 billion) deal signed between the UAE and Hungary to rejuvenate a Budapest neighbourhood.
The project will see the revamping of the area around the abandoned Rakosrendezo railway station, mirroring Dubai’s soaring skyline with high-rise buildings and transforming it into a hub of tourism and commerce. It will span one million square metres and take two years to complete.
Mohammad Alabbar, Chairman of Eagle Hills Group, said, “Eagle Hills Properties LLC 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.”
The agreement was signed by Hungarian Foreign Minister Peter Szijjarto and UAE Minister of State for Foreign Trade Thani Al Zeyoudi who stated that the deal might nearly double to US$10.9 billion (Dh40 billion) in the future.
Peter Szijjarto, Hungarian Foreign Minister, further revealed the project details, “The abandoned industrial area around the Rákosrendező train station and rail yard in the city’s north will be transformed into a new city quarter with tourism, economic, business, and sport functions.”
The project is one of UAE’s many international ventures in real estate, including the country’s latest acquisition of Ras El Hekma in Egypt for US$35 billion (Dh128.4 billion). Eagle Hills Properties also has its fair share of global properties in countries like Albania, Ethiopia, and Serbia.
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