UAE to Build Tallest Tower in EU ... A Project in Budapest worth $7 Bln

The United Arab Emirates (UAE) signed a cooperation agreement with Hungary to redevelop a neighborhood in the heart of the Hungarian capital "Budapest"; modeled on luxury projects in Dubai, with investments amounting to $7 billion.

The project will include the tallest tower in Europe in addition to a huge shopping mall, according to a press release on Saturday.

The proposed project is more than just a traditional real estate investment. Rather, it represents an important testimony to full respect and great admiration for the historical legacy of Hungary, in addition to the active cultural movement and the ambition of its people to build a better future.

Hungarian Foreign Minister Peter Szijjártó, after signing the agreement with UAE Minister of Foreign Trade Thani Al Zeyoudi, indicated that Emirati company will cooperate with the government in Budapest to develop a partially abandoned railway station.

János Lazar, the minister responsible for construction and transport, said late last year that the Hungarian government was planning to spend about €1 billion euros to improve infrastructure across the country. Lazar said at the time that Prime Minister Viktor Orbán had ordered the construction of a major, grandiose project like those in Dubai.