UAE billionaire to help build 'tallest tower in Europe' in deal worth up to $7 billion: Report

UAE billionaire Mohamed Alabbar has reportedly signed an agreement with the government of Hungary to build a "Dubai-like neighbourhood" in Budapest in a deal worth up to $7 billion.

Alabbar's Eagle Hills Properties will be working with the Hungarian government to construct "tallest tower in Europe and a shopping mall" and develop a partially abandoned railway station as part of the mega project, a Reuters report said.

Other international media reports said the proposal included the construction of a "Dubai-like skyscraper" in Budapest.

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The Emirati businessman confirmed the prospect but did not give details about the deal and the project.

"Eagle Hills Properties LLC is thrilled at the prospect offered by Hungary, a country celebrated for its vast potential and rich cultural heritage. We are genuinely honoured to be considered for partnership in this significant development," said Alabbar, chairman of Eagle Hills Group.

"This project goes beyond mere real estate investment; it is a testament to our deep respect and admiration for Hungary's historical significance, cultural vibrancy, and the ambitions of its people for the future," he added.

"Eagle Hills Properties LLC is dedicated to applying our expertise and enthusiasm for urban renewal, ensuring that this project not only fulfils but surpasses the expectations of the community and all stakeholders involved."

Talks about the mega deal cropped up after the UAE and Hungary signed an economic cooperation agreement aimed at stimulating trade and investment flows between the two nations.

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