Mohamed Alabbar, the founder of Eagle Hills, says, “The Grand Budapest project will create a new world-class green district from an area that has been abandoned for decades. The development reflects our vision to create spaces that help city residents in every way and prioritize sustainability and the importance of communities.”
The development involves a smart city concept that incorporates energy-efficient buildings, renewable energy systems, and solutions for intelligent waste management. The “Grand Budapest” project includes schools, sport and community facilities that enrich everyday life and promote development.
Inspired by Budapest’s cultural heritage, the development aims to respect the city’s traditions while introducing modern elements that further enhance the character of the city.
The planned development of the 100-hectare area will create 35-40 hectares of parks and vibrant public spaces. This development will not only restore a forgotten historical part of Budapest but also make it a global benchmark for human well-being, sustainability, and urban living.
“The name ‘Grand Budapest’ was chosen to encompass the wealth of opportunity, innovation, and formative impact this project represents,” according to a press release sent to the Budapest Business Journal.
Eagle Hills Group has begun obtaining the necessary name approvals from the competent authorities.
This project was launched with the support of the Hungarian government and the government of the United Arab Emirates. With a development cost of more than EUR 12 billion, will create thousands of jobs during construction and operation, support local businesses, and increase tourism and the value of properties, the company adds.
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