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.
With global energy markets in turmoil and the world scrambling for alternatives to Gulf supplies, Algeria has moved decisively, launching an international bidding round for new hydrocarbon concessions at precisely the right moment.
British police said they are investigating possible Iran links to a series of arson attacks on Jewish targets in London, which the UK chief rabbi said showed a sustained campaign of violence against the Jewish community was gathering momentum.
In a characteristically combative post published Sunday, US President Donald Trump issued his most explicit military threat yet against Iran, warning that the United States would "knock out every single Power Plant, and every single Bridge in Iran" if Tehran refuses to accept Washington's proposed deal.
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