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Budapest pushes back on UAE-funded ‘Mini Dubai’ project

Jan 22, 2025, 7:22am EST
gulfEurope
Grand Budapest project.
Courtesy of Eagle Hills
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A battle is brewing in Hungary over plans to transform part of the capital Budapest into a “Mini Dubai.”

Abu Dhabi-based Eagle Hills Properties, led by Mohamed Alabbar — the Dubai billionaire behind Emaar Properties and the Burj Khalifa — purchased a 210-acre plot for $128 million. Its €5 billion ($5.2 billion) project aims to revamp a neighborhood near a rundown rail station, featuring towers that could surpass the height of the Empire State Building and potentially become the European Union’s tallest structures.

Alabbar, a key figure in the UAE’s global real estate expansion, recently partnered with Jared Kushner’s Affinity Partners on a luxury project in Belgrade.

But the city of Budapest is pushing back. Officials plan to invoke a preemptive right to acquire the land, arguing its value exceeds the developer’s purchase price, Bloomberg reported. The mayor has called on Prime Minister Viktor Orbán to prioritize affordable housing over luxury skyscrapers.

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