UAE real estate developer Eagle Hills will help develop a Budapest neighborhood under a EUR 5 bn agreement inked between Hungarian Foreign Minister Peter Szijjarto and UAE Trade Minister Thani Al Zeyoudi, Bloomberg reports. Details around the agreement are vague, though the business information service says the developer will renovate a partly disused railway station northeast of central Pest.

More funding from Hungary? Bloomberg reported late last year that the Budapest government will invest EUR 1 bn of its own funds to improve the surrounding infrastructure.

What’s next: Construction and Transport Minister Janos Lazar said the details of the project will be worked out in 1H 2024.

Background: The country had been eyeing foreign funding for the overhaul of the neighborhood into a “Dubai-style” hub for a few months, though the proposed plan was met with dissent from the municipal government, who said it would crowd the country’s historic skyline.

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