UAE Billionaire Plans “Dubai-like Neighborhood” in Budapest in $7 Billion Deal

Mohamed Alabbar, a prominent UAE billionaire, has reportedly inked an agreement with the government of Hungary to develop a “Dubai-like neighborhood” in Budapest. The deal, valued at up to $7 billion, is set to transform the Hungarian capital’s skyline.

Ambitious Development Plans:

Alabbar’s company, Eagle Hills Properties, will spearhead the construction of several key components, including the tallest tower in Europe, a state-of-the-art shopping mall, and the revitalization of a partially abandoned railway station. Reports also suggest the inclusion of a “Dubai-like skyscraper” in the project.

Confirmation and Enthusiasm:

While Alabbar confirmed the prospective venture, specific details regarding the deal and project remain undisclosed. Expressing his enthusiasm, Alabbar emphasized the honor of partnering with Hungary and praised the country’s cultural heritage and future aspirations.

As chairman of Eagle Hills Group, Alabbar expressed dedication to surpassing community expectations and stakeholders’ interests through urban renewal initiatives. He highlighted the project’s significance beyond real estate investment, symbolizing respect for Hungary’s historical importance and vibrant culture.

Economic Cooperation between UAE and Hungary:

The mega-deal between Alabbar and the Hungarian government follows the signing of an economic cooperation agreement between the UAE and Hungary. The pact, aimed at enhancing trade and investment flows, underscores both nations’ commitment to fostering bilateral relations and economic growth.

Strengthening Private Sector Collaboration:

UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, and Hungary’s Minister of Foreign Affairs and Trade, Péter Szijjártó, recently signed the economic cooperation agreement. 

Their efforts aim to create opportunities for private-sector collaboration, stimulate economic diversification, and encourage future-focused enterprises and industries.