UAE billionaire Mohamed Alabbar has reportedly struck a deal with the government of Hungary to develop a neighborhood in Budapest that resembles Dubai, with an agreement valued at around $7 billion.
Alabbar’s company, Eagle Hills Properties, will team up with the Hungarian government on this ambitious project, which includes plans for Europe’s tallest tower, a shopping mall, and revamping a partly deserted railway station, as reported by Reuters.
Although Alabbar didn’t reveal all the details of the deal or the project, he expressed excitement about working with Hungary. The announcement of this massive deal comes after the UAE and Hungary signed an economic cooperation agreement to boost trade and investment between them.
Dr. Thani bin Ahmed Al Zeyoudi, the UAE’s Minister of State for Foreign Trade, and Péter Szijjártó, Hungary’s Minister of Foreign Affairs and Trade, signed the agreement earlier in the week, showing a commitment to enhancing cooperation and partnerships across different sectors to promote economic growth.
