Page 14 - Eagle Hills PR REPORT - MARCH 2024
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3/15/24, 10:49 AM UAE to develop mega Budapest project in a deal that could be valued at $10.9bn
“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 initial capital of the project is €5.8 billion but we're expecting that number to reach even to
€10 billion [$10.9 billion] if things go as per the full plan.”
The two countries signed an economic co-operation agreement in
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Budapest aimed at stimulating trade and investment flows
UAE and Hungary sign five initial
agreements in sectors from space between them in priority sectors including real estate,
to trade infrastructure, industry, commerce, investment, tourism and
logistics, a UAE government statement on Thursday said.
Abu Dhabi’s Eagle Hills launches
$2.5bn development in Albania UAE-Hungary's non-oil trade in 2023 increased 23.1 per cent to
more than $1.127 billion, a threefold rise from $409 million in 2019,
and the agreement seeks to build on this growth, it added.
Eagle Hills, which is chaired by Mohamed Alabbar who is also the founder of Emaar Properties,
also has projects in countries including Albania, Serbia, Egypt, Morocco, Bahrain, Oman, Jordan,
Ethiopia and the UAE.
The Budapest project is “comprehensive”, featuring residential and commercial towers, with the
Hungarian government planning to connect the district with the railway network and direct
access to the airport, Dr Al Zeyoudi said.
“It is a complex project. It is going to go through different phases and we're going to focus on the
€5.8 billion initially to make sure that we move quickly and implement the right quality of the
project. Any expansion that's going to come will be an added plus to the whole project,” he said.
The project should take a “couple of years” to complete but the emphasis now is on finalising the
business terms between Eagle Hills and the Hungarian government.
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