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

Mohamed Alabbar says 'Eagle Hills Properties is thrilled at the prospect offered by Hungary'

Web Desk

Published: Sat 16 Mar 2024, 5:19 PM

Last updated: Sat 16 Mar 2024, 11:07 PM

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.

Earlier this week, Dr Thani bin Ahmed Al Zeyoudi, the UAE's Minister of State for Foreign Trade, inked the pact with and Péter Szijjártó, Minister of Foreign Affairs and Trade of Hungary, according to Wam.

"We are creating opportunities for our private sectors to increase collaboration and build partnerships in various areas that will be pivotal to economic diversification, while also facilitating and incentivising future-focused private enterprises and emerging industries to grow within and beyond our borders," Al Zeyoudi said.

(With inputs from Reuters, Wam)

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