Published: November 26 2023
The Hungarian government has revealed plans for a new city district in Budapest, which includes the construction of a skyscraper and the development of a mini-Dubai. The project would involve collaboration with an Arab investor, Mohamed Alabbar's company, Emaar Properties, known for building the Burj Khalifa in Dubai.
Funding and Infrastructure Development
The proposed project would be funded through an intergovernmental agreement between the United Arab Emirates and Hungary. Emaar Properties would purchase the area at market price, with the Hungarian government also contributing funds for infrastructure development, including an overpass, metro and railway extensions. The overall cost of the project is estimated to be around HUF 1900 billion (approximately EUR 5 billion).
Skyscraper and District Features
The planned skyscraper in Budapest would reach a height of 220 meters, making it the tallest building in the city. The broader vision of the project is to create a mini-Dubai, with luxury apartments, office buildings, and other amenities. The area allocated to Emaar Properties is estimated to be 69.3 hectares, with some sections excluded for long-term developments. The company also has plans to build above the existing railway lines, although these plans are still pending approval.
Concerns and Doubts
There are some concerns and doubts surrounding the project. The mayor of Budapest expressed disbelief at the government's consideration of the offer, particularly due to the impact on the city's skyline and the lack of involvement of local politicians. The value of the area is still being estimated, and there has not yet been a public consultation.
While the proposal for the tallest skyscraper in Budapest and the development of a mini-Dubai is still being discussed, there are uncertainties and concerns regarding its implementation. The project would require collaboration with an Arab investor and significant funding from the Hungarian government. The final decision and the involvement of local politicians and public consultation are yet to be determined.
Questions & Answers
What is the proposed project in Budapest that involves an Arab investor? The proposed project in Budapest involves the construction of the tallest skyscraper in Budapest and the development of a whole mini-Dubai in the Rákosrendező area. The Arab investor involved is Mohamed Alabbar's company, Emaar Properties.
How tall will the skyscraper be? The planned skyscraper in Budapest will be 220 meters tall, making it the tallest building in Budapest.
How much funding is expected for the new district in Budapest? The funding for the new district in Budapest is estimated to be around HUF 1900 billion or approximately EUR 5 billion. The funding will come from an intergovernmental agreement between the United Arab Emirates and Hungary, with Emaar Properties buying the area at market price.
What infrastructure developments are planned in the area? The infrastructure developments in the area include the construction of an overpass between Zugló and Angyalföld, extensions to the metro and railway systems, and the restructuring of the outdated railways at Rákosrendező. The Hungarian government has pledged HUF 300 billion or roughly EUR 800 million for these infrastructure developments.
What will be built in the area given to Emaar Properties? The area given to Emaar Properties will host luxury apartments and office buildings. The exact value of the area has not been estimated yet, but it will be based on a square meter price.
Has the proposed project been approved? No, the proposed project has not yet been approved. The value of the area still needs to be estimated by a third party, and there was supposed to be a public consultation and involvement of local politicians, which haven't happened yet. There are doubts about the project, especially considering its impact on the historical site near Heroes' Square and the lack of involvement of local politicians.
What concerns are there regarding the proposed project in Budapest? There are concerns about the impact of the proposed skyscraper on the famous view near Heroes' Square. The lack of involvement of local politicians and the need for a public consultation have also raised concerns about the project.
What is the proposed timeline for the project? The proposed timeline for the project is not mentioned in the source article.