The United Arab Emirates has signed a cooperation agreement with Hungary worth $7 bn, Invest-Gate reports.

This agreement represents the revitalization of a neighborhood in the heart of Budapest, the Hungarian capital, infused with the luxury reminiscent of Dubai projects.

The project will feature the tallest tower in Europe and a massive, distinctive shopping mall, making it one of the largest investments made by Mohamed Alabbar, Chairman of Eagle Hills, in Europe.

Alabbar expressed his satisfaction with this collaboration, stating, “The company is pleased to participate in Hungary’s vision, a country with tremendous potential and a rich cultural heritage. We are honored to partner with this historic nation in developing this grand project. This endeavor goes beyond a conventional real estate investment; it is a testament to our deep respect and admiration for Hungary’s historical legacy, as well as its vibrant cultural movement and the people’s aspirations to create a better future.”

Following the signing of the agreement with UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi, Hungarian Foreign Minister Péter Szijjártó announced that Eagle Hills would collaborate with the government in Budapest to develop a partially abandoned railway station.

Moreover, János Lázár, Hungarian Minister of Construction and Transport, previously stated that the Hungarian government planned to allocate approximately EUR 1 bn to improve infrastructure throughout the region.

Lázár also mentioned that Hungarian Prime Minister Viktor Orbán had ordered the construction of a major luxury project akin to those in Dubai.