News Article Budapest dubai Hungary office residential retail
by Property Forum | Office

UAE-based property developer Eagle Hills plans to build a completely new city centre in Budapest. Plans contain several highrise offices, residential and retail units, including the tallest tower in Europe.

UAE billionaire Mohamed Alabbar has signed an agreement with the government of Hungary to build a "Dubai-like neighbourhood" in Budapest in a deal worth up to $7 billion. Alabbar's Eagle Hills Properties will be working with the Hungarian government to construct the "tallest tower in Europe and a shopping mall" and develop a partially abandoned railway station as part of the mega project, a Reuters report said.

Other international media reports said the proposal included the construction of a "Dubai-like skyscraper" in Budapest. The Emirati businessman confirmed the prospect but did not give details about the deal and the project.

Talks about the mega-deal cropped up after the UAE and Hungary signed an economic cooperation agreement aimed at stimulating trade and investment flows between the two nations, Dubai-based Khaleej Times reports.

Earlier this week, Thani bin Ahmed Al Zeyoudi, the UAE's Minister of State for Foreign Trade, inked the pact with Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary.