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.
ADNOC Logistics & Services (ADNOC L&S) has placed a US$900 million order for four next-generation LNG carriers as it continues to expand its global fleet to meet rising demand for natural gas.
Israel's Defense Minister Israel Katz said Thursday the country was prepared to relaunch its military campaign against Iran "with even greater force" if needed, as fresh strikes between the United States and Iran raised fears the ceasefire could collapse entirely.
Syrian Interior Minister Anas Khattab said the cell responsible for what he called "terrorist" bombings that targeted Damascus on Tuesday was now in custody, Syrian TV reported on Thursday.
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