The Hungarian government is poised to sign an agreement with the United Arab Emirates for the construction of an ambitious real estate complex in the capital, raising concerns from the city's mayor.
Budapest, the capital of Hungary © Mena Today
The Hungarian government is poised to sign an agreement with the United Arab Emirates for the construction of an ambitious real estate complex in the capital, raising concerns from the city's mayor.
The project aims to revamp a nearly abandoned railway station and its surroundings at a cost of €5 billion.
According to a document released late Thursday on the Hungarian government's website, authorities will sell the land, located not far from the city center, to a private entity selected by the UAE "without conducting a tender."
In return for this "major investment," Hungary commits to carrying out infrastructure work "amounting to at least €800 million."
The nationalist Prime Minister Viktor Orban continues his controversial endeavor of large-scale projects that alter the city's landscape, including its UNESCO-listed historic center.
In December, Construction Minister Janos Lazar defended the project, referring to it as "maxi-Dubai" in response to media headlines that called it "mini-Dubai."
He insisted that the result would not be mediocre and that it would be an "internationally acclaimed" project.
Iran attacked and set ablaze a fully loaded crude oil tanker off Dubai on early on Tuesday, after President Donald Trump warned the United States would obliterate Iran's energy plants and oil wells if it does not open the Strait of Hormuz.
As missiles and drones continue to fly across the Middle East, Abu Dhabi is sending a clear message: business goes on.
Iran described U.S. proposals to end a month of war in the Middle East as "unrealistic, illogical and excessive" on Monday and unleashed more missiles on Israel, as oil prices rose further after Yemen's Houthis entered the conflict.
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