The mayor of the opposition in the capital of Hungary cheered Budapest. Because the extremely controversial “mini Dubai” project of the government of Prime Minister Viktor Orbán failed. The project with various skyscrapers should have been realized with the help of an investor from the United Arab Emirates on the deserted site of a freight station. But now the city council has exercised its right on the first refusal.
With the signing of the purchase contract between the Hungarian state and the investor Eagle Hill of the Emirates in January, the start signal for the sharply criticized luxury project should actually be given. This is an area of 85 hectares for a purchase price of 50.9 billion forint (approximately EUR 125 million), which must be paid in three episodes.
In the area, skyscrapers of 250 to 500 meters were planned in the sight of such important Budapest -possessions such as the Boulevard Andrásy út, Heldplatz (Hundersök Tere) or the Stadtwäldchen (Városliget). The project was known in the Hungarian media as “Mini-Dubai” or “Maxi-Dubai”, most recently was the official “Grand Budapest”. According to the words of the Gulyás law firm, the city council has taken responsibility for the development of the area and all tasks.
Mayor: “The interest of Budapest has won”
The government of Orbán had made a backup, the mayor Gergély Karácsony of Budapest welcomed on Facebook (see post above). Instead of the “mini-dubai”, the interest of Budapest had won. “We used our right to first refusal, where Budapest meets all the conditions that the Arab billionaire had taken over in the purchase contract,” wrote Karáony. Instead of skyscrapers, a green, sustainable residential area called Parkstadt must now be built.
In the Hungarian media, however, there is a possible ‘fall’ for the mayor of Budapest. Because countless conversions in the station area must be coordinated with the government of Orbán. It is not assumed that the right -wing conservative cabinet does not want to put stones in the way of the green politician Karácsony.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
