The agreement was signed by Minister of Foreign Affairs and Trade Péter Szijjártó and the UAE's Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi in Budapest.
At a joint press conference after the signing, Szijjártó said the "flagship" project by UAE developer Eagle Hills would give "new impetus" to the countries' economic cooperation. The development will transform the area around the Rákosrendező train station and rail yard into a "new quarter" of the city with tourism, economic, business and sport functions, he added.
He said enhanced cooperation between Hungary and the UAE could pave the way for investments in other branches of the economy, too.
Szijjártó noted that bilateral trade between Hungary and the UAE had climbed over USD 1 bln a year and pointed to the presence there of Hungarian companies in the food industry and ICT sector.
Al Zeyoudi called the agreement a "milestone" for economic relations with Hungary and said there was potential for further cooperation in the food industry and energy sector, including nuclear and renewables.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
