In accordance with the concept, the area of the new quarter would be divided into two parts.Continue reading
An agreement has been reached between Hungary and the United Arab Emirates (UAE) on economic cooperation, within the framework of which a new urban district will be built in the vicinity of the Rákosrendező railway station with a huge investment of EUR 5 billion, Minister of Foreign Affairs and Trade Péter Szijjártó announced in Budapest on Wednesday.
The Hungarian Minister held a press conference jointly with the UAE Minister of Foreign Trade, Thani bin Ahmed Al Zeyoudi, following the signing of an agreement on economic cooperation between the two countries. Péter Szijjártó pointed out that the fact that the two countries approach economic issues from a non-ideological perspective is an essential basis on which to build new momentum for cooperation with the agreement just signed.
He added that it is always important in economic cooperation 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.
This is a five billion euro investment. It will create a new district, a new neighborhood around the Rákosrendező railway station and the surrounding derelict industrial areas,”
he said.
Rákosrendező railway station. Photo: Wikipedia
As Lázár announced last year, 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.
“This huge urban development project will give a new impetus not only to the cooperation between the two countries, but also to the development of Budapest, as it will not only create a new, modern urban district, but also a major urban development project with complex tourism, economic, business, and sports functions,” Szijjártó underlined.
He highlighted that the major investment will bring a new quality of life to Budapest and the country, and will put the capital on the global map of cities with similar large-scale developments. “I am also confident that this huge investment will open the way for other Emirati companies in modern industries to look at Hungary as an attractive investment destination,” Minister Szijjártó said.
Via MTI, Featured image: MTI/Hegedüs Róbert