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.
Israel’s decision on December 26, 2025 to recognise Somaliland as an independent state has landed like a starting pistol for dealmakers: a rush of exploratory calls, “we should go now” trade missions, and early jockeying for pole positions that tend to vanish once bigger capitals and multilateral lenders pile in.
Israel has formally recognised Somaliland as an independent and sovereign state, a move announced Friday by Israeli Prime Minister Benjamin Netanyahu.
Israel’s Mossad issued a rare public statement accusing Qatar of spreading incitement and false narratives against Israel, after opposition lawmaker Avigdor Liberman claimed the agency was helping Doha improve its image.
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.