Hungary, UAE Sign Deal Paving Way for Urban Rehabilitation Project

Deals

Péter Szijjártó shaking hands with Thani bin Ahmed Al Zeyoudi

Photo by Róbert Hegedüs / MTI

The governments of Hungary and the United Arab Emirates signed an economic cooperation agreement establishing the conditions for a EUR 5 bln rehabilitation project in the north of the capital on Wednesday, according to a report by state news wire MTI.

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.

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