UAE-based Eagle Hills Group has announced that it has secured a major contract from Hungarian authorities to develop a new urban district in capital Budapest at a total investment of €5 billion ($5.46 billion).

According to the preliminary plans, the prime project, coming up within the vicinity of Rákosrendező railway station, will boast a range of complex tourism, economic, business and leisure lifestyle elements and even have a Dubai-style skyscraper, catering to the surrounding derelict industrial areas.

Earlier local media had speculated that Emaar Properties, the developer of the iconic Burj Khalifa tower, had been awarded the contract for the premium Hungarian project.

Dismissing these reports, Hungarian Minister of Construction and Transport János Lázár said an agreement has been inked with Eagle Hills Group for the premium development.

"A new millenium city centre is also being set up in the area of the Rákosrendező railway station. The plans also include improvements to the public transport infrastructure, with the extension of the M1 metro and the development of around four to five public transport hubs," stated the minister.

The agreement comes following a major economic co-operation agreement inked between Hungary and the UAE authorities in Budapest recently in the presence of the UAE Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi and Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó.

On the new project, Szijjártó said: "It is always important in economic co-operation between two countries to have a flagship project, which in this case could be the construction of a new Budapest district in a particularly dilapidated area."

"Thus, the agreement was signed, which will provide the framework for a complex development plan of the real estate development giant Eagle Hills in the area around the Rákosrendező railway station," he added.

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