The government has unveiled plans for an economic cooperation agreement with United Arab Emirates (UAE) businessman Mohamed Alabbar, who is to build a district in Budapest’s 16th district (Rákosrendező).
A “mini-Dubai” with high-rise buildings, office buildings and luxury apartments is to be built on the site in Budapest’s 16th district.
According to the government’s official website, it undertakes, among other things, to classify the project as an investment with high economic priority, to carry out the necessary infrastructure developments, to provide the necessary financial resources estimated at EUR 800 million and to sell the required real estate to a business organization designated by the UAE without public tender or competition.
The UAE government is committing to a EUR 5 billion investment by the contracted company.