Mohamed Alabbar confirms participation in Budapest project

Image credit: Gulf Business

The UAE and Hungary will work together on a EUR5.8bn real estate development project to upgrade and upscale a neighbourhood in the city of Budapest. The deal was signed, during the UAE Minister of State for Foreign Trade Dr Thani al Zeyoudi’s visit to the Hungarian capital, on March 14.

Dr Zeyoudi confirmed the deal in a conversation with a local publication back home. He was quoted as saying, “The initial capital of the project is EUR5.8bn but we’re expecting that number to reach even to EUR10bn [$10.9bn] if things go as per the full plan.”

As part of the redevelopment of the Budapest district, UAE’s Eagle Hills Group, led by Mohamed Alabbar will be the lead developer. Dr Zeyoudi said, “This is a government-to-government agreement which laid out the foundation for companies like Eagle Hills to come in and do huge investments in the property development sector in Hungary,” he said.

The Budapest project, expected to span one million square metres, is “comprehensive”, and will feature residential and commercial towers. The project will be supported logistically by the Hungarian government with supporting infrastructure such as the extension of the metro line and direct access to the airport, Dr Al Zeyoudi said.

The National quoted him as saying, “It is going to go through different phases and we’re going to focus on the EUR5.8bn initially to make sure that we move quickly and implement the right quality of the project.”

He added that the project timeline would span upto two years as the focus has shifted to finalising the business terms between Eagle Hills and the Hungarian government.

Mohamed Alabbar confirms participation in Budapest project

Mohamed Alabbar, chairman of Eagle Hills Group confirmed his participation in the multi-billion dollar project.

He 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 honored to be considered for partnership in this significant development.

This project goes beyond mere real estate investment; it is a testament to our deep respect and admiration for Hungary’s historical significance, cultural vibrancy, and the ambitions of its people for the future.

Eagle Hills Properties LLC is dedicated to applying our expertise and enthusiasm for urban renewal, ensuring that this project not only fulfills but surpasses the expectations of the community and all stakeholders involved.”

Hungarian government gives details of redevelopment project

The announcement was first made by Hungarian Foreign Minister Peter Szijjarto following the signing ceremony with UAE Minister of State for Foreign Trade Dr Zeyoudi.

The new urban district will be built in the vicinity of the Rákosrendező railway station in the capital.

In the joint press conference held after the signing, the Hungarian foreign minister noted that “It was important in economic cooperation between two countries to have a flagship project, which in this case could be the construction of a new Budapest district in a particularly dilapidated area. Thus, the agreement was signed, which will provide the framework for a complex development plan of the real estate development giant Eagle Hills in the area around the Rákosrendező railway station.”

European media, Hungary Today, quoted the minister as saying, “This is a EUR5bn investment. It will create a new district, a new neighborhood around the Rákosrendező railway station and the surrounding derelict industrial areas.”

Hungarian media has reported that Prime Minister Viktor Orban’s government could invest between EUR800m to 1bn in the development, however, official figures are not available.