UAE Signs $5.5 Billion Deal to Redevelop Budapest Neighbourhood
Abu Dhabi, UAE – The United Arab Emirates has entered into a landmark agreement with the Hungarian government, sealing a 5 billion euros ($5.5 billion) deal to revitalize a neighbourhood in Budapest. This strategic partnership marks a significant milestone in the bilateral relations between the two countries.
Eagle Hills Properties, an Abu Dhabi-based private real estate investment and development company, will collaborate with the local government in Budapest on this ambitious project. The redevelopment initiative will focus on transforming the abandoned Rákosrendező railway station area on the Vác railway line into a vibrant and modern urban space.
The agreement was formalized during a signing ceremony by Thani Al Zeyoudi, UAE Minister of State for Foreign Trade and Hungarian Foreign Minister Peter Szijjarto. This partnership underscores the UAE’s commitment to fostering economic growth and development, both domestically and internationally.
In addition to the redevelopment project, the Hungarian government has pledged to invest close to €1 billion in infrastructure, further enhancing Budapest’s economic and social landscape. This substantial investment reflects Hungary’s confidence in the region’s growth potential and its commitment to driving sustainable urban development.
Minister Szijjarto highlighted the growing economic ties between Hungary and the UAE at a joint press conference. He noted that bilateral trade has surpassed $1 billion annually, with Hungarian companies making significant inroads into the UAE’s food industry and ICT sector. This partnership is expected to strengthen economic cooperation further and create new opportunities for both countries.
The redevelopment of the Rákosrendező railway station area represents a transformative step towards revitalizing urban spaces and promoting sustainable development. The UAE remains committed to supporting initiatives that drive economic growth and enhance the quality of life for communities worldwide.