Hungary and the UAE have officially sealed the agreement, with Eagle Hills Properties LLC collaborating with the government to transform a partly abandoned railway station.

Criticism has already been voiced against the project.

In 2023, the Hungarian government plans to invest approximately €1 billion to enhance the infrastructure surrounding the area.

Prime Minister Viktor Orban of Hungary wants to build a major development project in Budapest modeled after Dubai.

However, the municipal government opposes the plan due to concerns about discordance with Budapest's historical skyline, which lacks towering skyscrapers.

Eagle Hills, a prominent Gulf developer based in Abu Dhabi, is leading the proposed project.

The company, headed by Mohamed Alabbar, who oversaw the construction of Dubai's Burj Khalifa, has been expanding in Europe, Africa, and the Middle East with significant mixed-use developments.

The UAE has invested $35 billion in Egypt's economy, specifically in Ras El-Hekma, and the UAE's economy is projected to grow by 5% in 2024.

This growth is significant as over 73% of the UAE's economy is now non-oil based, making it a historic first for the country.

These projections align with assessments by the Ministry of Finance and S&P Global, which forecast growth of 5.7% and 5% respectively.