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Hungary – Budapest. A “mini-Dubai” is to be created in the capital. Controversial contracts signed

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A new district of skyscrapers is to be built in Budapest, also called “mini” or “maxi” Dubai. Appropriate contracts for the implementation of the project have already been signed by the governments of Hungary and the United Arab Emirates (UAE), and Arab businessman Mohamed Alabbar will also spend a fortune on the investment.

authorities on Wednesday Hungarian and United Arab Emirates (UAE) signed a contract worth EUR 5 billion for the creation of a new district of skyscrapers in Budapest, as announced by the Minister of Foreign Affairs and Trade of Hungary Peter Szijjarto. – The new district will be built around the Rakosrendezo railway station and the abandoned industrial areas surrounding it, Szijjarto said.

Arab businessman Mohamed Alabbar is also expected to contribute. On Saturday, Reuters reported the signing of an agreement under which the project will be co-financed with USD 7 billion.


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Dubai in Budapest

The project, often called “mini-Dubai” or “maxi-Dubai”, is to be carried out by the Eagle Hill development company, which has also completed a large investment in Belgrade. The district in Budapest is to consist of a complex of skyscrapers, office buildings and luxury apartment buildings. Viktor Orban's government is to provide financing of approximately EUR 800 million. Earlier, the Hungarian press reported that the investment could include the construction of a skyscraper 220-240 meters high, the tallest in Budapest. Reuters wrote about the tallest skyscraper in Europe. Rakosrendezo station is located in the north-eastern part of Budapest, close to Heroes' Square, one of the main attractions of the Hungarian capital, and Varosliget Park.

Controversy surrounding the new district

As the Hungarian “Forbes” emphasizes, the project of the new district may fundamentally change the landscape of Budapest. “The panorama behind Heroes' Square will be broken by several skyscrapers,” writes Forbes. “It appears that the government has not consulted local authorities or residents about the project and is forcing it through,” adds Forbes. The plan “has not met with unanimous approval of the capital and surrounding districts, which in return are demanding billions of euros to improve infrastructure,” notes the Telex portal. The media report that preparations have already started in the Rakosrendezo area, and employees of the state-owned MAV railways who occupied company apartments there, some of them newly renovated, must leave them within 30 days.

Main photo source: ZGPhotography/Shutterstock

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