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.
Saudi oil giant Aramco announced Tuesday a 44% surge in net profit for the second quarter compared to the same period last year, driven by soaring crude prices amid the war in the Middle East.
Iran said on Monday there were no talks under way with the United States and no plans for any meetings, contradicting U.S. President Donald Trump, who had cited talks he said would take place that afternoon as justification for calling off attacks.
The British band Massive Attack said its members were detained by Singapore police and "isolated and separately questioned" after the two performers raised a Palestinian flag at their concert in the city-state last Wednesday.
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