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 Arabia's Future Investment Initiative (FII) Institute has appointed Princess Maha Al Saud as its new chief executive, marking a significant leadership transition at one of the world's most high-profile investment summits.
Anwar Gargash, the influential diplomatic adviser to the UAE president, met Monday in Paris with Anne Claire Le Jeune, the newly appointed president of the Institut du Monde Arabe (IMA), praising the cultural institution for its role in "strengthening cultural and civilisational dialogue between the Arab world and Europe."
Saudi Arabia launched Riyadh Air on Wednesday, with its inaugural flight departing King Khalid International Airport at 2:35am bound for London Heathrow, marking the culmination of more than four years of preparation and a bold challenge to Gulf aviation giants Emirates, Qatar Airways and Etihad.
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