UAE - UAE Strikes $5.5B Deal With Hungary To Transform Budapest Neighborhood Into Dubai-Style Hub | Benzinga
In a recent development, the United Arab Emirates (UAE) has sealed a $5.5 billion deal with Hungary to revamp a Budapest neighborhood, infusing it with a touch of Dubai’s opulence.
What Happened: The deal, signed on Wednesday, will see the UAE collaborating with the Hungarian government to rejuvenate a partially abandoned railway station in Budapest, reported Bloomberg. The project will be executed in partnership with property firm Eagle Hills Properties.
Earlier, Hungarian Foreign Minister Peter Szijjarto disclosed that the government planned to invest around €1 billion from its own funds to upgrade the area’s infrastructure. The project was initially proposed by Prime Minister Viktor Orban to mirror the grandeur of Dubai, a plan that drew criticism from the local municipal government.