The Rakosrendezo train station - Photo: Wikipedia

Szijjarto: Hungary, UAE sign economic cooperation pact paving way for EUR 5 billion rehabilitation project

Hungary and the United Arab Emirates on Wednesday signed an economic cooperation agreement establishing the conditions for a 5 billion euro rehabilitation project in Budapest on Wednesday.

The agreement was signed by Hungarian Foreign Minister Peter Szijjarto and the UAE’s Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi, the foreign ministry said in a statement.

At a joint press conference after the meeting, Szijjarto said the “flagship” project by UAE developer Eagle Hills would give new impetus to the two countries’ economic cooperation, as well as Budapest’s development. Under the project “the abandoned industrial area around the Rakosrendezo train station and rail yard in the city’s north will be transformed into a new city quarter with tourism, economic, business and sport functions”, the foreign minister said.

He said enhanced cooperation between Hungary and the UAE could pave the way for investments in other branches of the economy too.

Szijjarto noted that bilateral trade between Hungary and the UAE had climbed over an annual 1 billion dollars and pointed to the presence of Hungarian companies in the Emirates’ 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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