Dubai Flair Comes to Budapest As UAE Inks $5.5 Billion Deal for Glitzy Hub

Dubai Flair Comes to Budapest As UAE Inks $5.5 Billion Deal for Glitzy Hub

  The United Arab Emirates (UAE) and Hungary signed a hefty $5.5 billion deal this week, paving the way for a luxurious “Dubai-style” hub to rise in Budapest. This ambitious project has some residents excited about potential growth, while others voice concerns about its impact on the historic Hungarian capital. The deal involves Mubadala, a sovereign wealth fund from Abu Dhabi, injecting funds into a neglected area […]

via Dubai Flair Comes to Budapest As UAE Inks $5.5 Billion Deal for Glitzy Hub

 

The United Arab Emirates (UAE) and Hungary signed a hefty $5.5 billion deal this week, paving the way for a luxurious “Dubai-style” hub to rise in Budapest. This ambitious project has some residents excited about potential growth, while others voice concerns about its impact on the historic Hungarian capital.

The deal involves Mubadala, a sovereign wealth fund from Abu Dhabi, injecting funds into a neglected area of Budapest. The aim is to transform it into a dazzling hub reminiscent of Dubai, known for its opulent skyscrapers and futuristic architecture. Details remain sketchy, but talks hint at luxury hotels, high-end shopping centers, and potentially even a replica of Dubai’s iconic Burj Khalifa.

Faris Al Mazrui, Head of Growth Investments at Mubadala, expressed