UAE Signs $5.5bln Deal To Redevelop A Budapest Neighbourhood

The UAE has signed a 5 billion euros ($5.5 billion) deal with the Hungarian government to redevelop a neighbourhood in Budapest.

Eagle Hills Properties, an Abu Dhabi-based private real estate investment and development company, will partner with the local government in the Hungarian capital to develop an abandoned railway station, Bloomberg reported.

The deal signed between the UAE Minister of State for Foreign Trade, Thani Al Zeyoudi and Hungarian Foreign Minister Peter Szijjarto will see the redevelopment of the city’s Rákosrendező railway station area on the Vác railway line in Budapest, according to local media.

In addition to the deal, the Hungarian state has also further committed to investing close to €1 billion in infrastructure, Bloomberg added.

At a joint press conference Szijjarto was quoted by The Budapest Times as saying that the bilateral trade between Hungary and the UAE had climbed over an annual $1 billion, with a growing presence of Hungarian companies in the UAE food industry and ICT sector.