Mashable: The announcement follows the signing of an economic cooperation agreement between the U.A.E. and Hungary on March 13.

In a groundbreaking development, the United Arab Emirates (U.A.E.) and Hungary have inked an agreement to construct a vibrant "neighbourhood like in Dubai" right in the heart of Budapest. The deal, valued at a staggering 7 billion US dollars, signals a landmark collaboration between the two nations.

Led by Mohamed Alabbar's Eagle Hills Properties, the ambitious project aims to redefine Budapest's skyline with the world's tallest tower, along with the creation of a cutting-edge shopping mall and revitalization of a partially abandoned railway station. The proposal even hints at the construction of a "Dubai-like skyscraper," promising to bring a touch of Emirati grandeur to the Hungarian capital.

The announcement follows a recent economic cooperation agreement signed between the U.A.E. and Hungary on Wednesday, March 13. Dr. Thani bin Ahmed Al Zeyoudi, the U.A.E.’s Minister of State for Foreign Trade, and Peter Szijjarto, Hungary’s Minister of Foreign Affairs and Trade, sealed the deal, underscoring a shared commitment to fostering trade and investment ties.

Al Zeyoudi emphasized the agreement's objective to drive sustainable growth, forge collaborative opportunities, and spur innovation across various industries. He expressed confidence that the partnership would unlock new avenues for private enterprises and emerging sectors, laying the groundwork for a prosperous future.

Echoing Al Zeyoudi's sentiments, Szijjarto expressed optimism about the economic cooperation agreement, heralding a new chapter in bilateral relations. He highlighted the significance of diversifying and strengthening economic and commercial ties between the U.A.E. and Hungary, paving the way for robust and sustainable growth.

The collaboration between the U.A.E. and Hungary holds promise not only for economic prosperity but also for fostering cultural exchange and innovation. By bringing together the expertise and resources of both nations, the project aims to create a dynamic urban landscape that reflects the spirit of progress and innovation.