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.
The UAE has retained its position as the world's most attractive real estate investment destination, outranking the United States, the United Kingdom, France and Spain, according to a new survey commissioned by property developer Arada.
Israel will continue its operations on the ground in southern Lebanon for the time being and Lebanese residents forced from their homes by Israel would not be able to return, Defence Minister Israel Katz said on Thursday.
U.S. President Donald Trump will attend the NATO meeting of heads of state that is taking place in Turkey in early July, U.S. Secretary of State Marco Rubio said on Wednesday, providing a confirmation that will likely lead to a sigh of relief across the capitals of the alliance.
To make this website run properly and to improve your experience, we use cookies. For more detailed information, please check our Cookie Policy.
Necessary cookies enable core functionality. The website cannot function properly without these cookies, and can only be disabled by changing your browser preferences.