UAE is developing a mega-project in Budapest, a deal valued at $10.9 billion.

The United Arab Emirates and Hungary have signed an agreement to develop a mixed-use real estate project in Budapest with an initial investment of 5.8 billion euros ($6.3 billion), which could later increase to 10 billion euros, the United Arab Emirates' minister of state for foreign trade said.

Once the deal is ratified, Eagle Hills Industrial and Construction Company with a base in Abu Dhabi will work on the project, Thani Al Zeyoudi told The National newspaper on Thursday.

According to the minister, this agreement between the governments creates a foundation for companies such as Eagle Hills to make major investments in real estate development in Hungary. "The initial capital investment in the project is 5.8 billion euros, but we expect this amount to reach 10 billion euros if everything goes according to plan," he said.

The two states signed an economic cooperation agreement in Budapest aimed at boosting trade and investment in priority sectors including real estate, infrastructure, industry, commerce, investment, tourism and logistics.

The volume of trade between the United Arab Emirates and Hungary excluding oil increased by 23.1% to more than $1.127 billion in 2023, triple that of 2019.

Eagle Hills, which is headed by Mohamed Alabbar, also has projects in various countries including Albania, Serbia, Egypt, Ethiopia, Morocco, Bahrain, Oman, Jordan and the United Arab Emirates.

The project will include residential and commercial skyscrapers in Budapest, and the Hungarian government plans to connect the area to the rail network and provide direct access to the airport. The project should be completed in a few years, but the focus now is on approving business terms between Eagle Hills and the Hungarian government.

The United Arab Emirates aims to increase oil trade with various countries around the world as part of its strategy to diversify its economy and attract foreign investment.