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UAE, Hungary Ink $5.5B Deal to Redevelop Run-Down Travel Hub

 

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Abu Dhabi (ANN)-A run-down Budapest travel hub will soon receive a Dubai-style makeover after Hungary and the United Arab Emirates inked a $5.5 billion deal to redevelop the neighborhood.

Hungarian Foreign Minister Peter Szijjarto signed the deal Wednesday with UAE Minister of State for Foreign Trade Thani Al Zeyoudi, according to Bloomberg.

Szijjarto said Eagle Hills Properties LLC will work with the government in Budapest to revamp the partially abandoned Rakosrendezo railway station

Janos Lazar, construction and transportation minister, last year said the Hungarian government would pay about $1 billion for infrastructure improvements in the area. Prime Minister Viktor Orban initially proposed the construction of a major building project similar in opulence and scale to those of Dubai, Lazar said at the time.

According to Bloomberg, the city government criticized the new plans for the railway station and surrounding area as discordant with the historic skyline for which Budapest is known.

Based in Abu Dhabi, Eagle Hills is one of the largest developers in the Gulf region, with a portfolio of projects across Europe, Africa, and the Middle East. It has developed mixed-use properties in Albania, Serbia, and Ethiopia, and has been expanding in countries in need of new homes and offices, according to Bloomberg.
Eagle Hills’ leader Mohamed Alabbar, also founded Emaar Properties PJSC, which constructed Dubai’s Burj Khalifa, the world’s tallest tower.

Source: NewsMax

admin: #Arraale Mohamoud Jama is a freelance and investigative journalist, writer and human rights activist with more than 20 years of experience. He writes about a range of topics related to social issues such as human rights, politics and security. Other topics in which Mr. Arraale is interested include democracy and good governance. Mr. Arraale has written extensively on regional and international events, and has worked with Somaliland newspapers and Human rights organizations. In 2008, he established #Araweelo #News #website# Network, which he currently manages. For further information, please contact: Info@araweelonews.com or jaamac132@gmail.com Send an SMS or MMS to + 252 63 442 5380 whatsapp.com/ + 252 63 442 5380 /https://twitter.com/Araweelonews/https://www.facebook.com/Araweelonews/
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