Eagle Hills, a UAE-based real estate developer, has announced a transformative $12.3 billion mixed-use development in Budapest, Hungary. The Grand Budapest project, supported by the UAE and Hungarian governments, aims to rejuvenate a 100-hectare site that has been unused for over a century.

The development will feature 35-40 hectares of parks and public spaces, contributing approximately 2% to Hungary's GDP growth while creating jobs during construction and operation phases.

Mohamed Alabbar, founder of Eagle Hills and Emaar Properties, stated: “The Grand Budapest project will transform a long-abandoned area into a world-class green district. This initiative reflects our commitment to creating spaces that prioritize sustainability, community well-being, and urban innovation.”

The project integrates smart city features, including energy-efficient buildings, renewable energy systems, and intelligent waste management. It also includes schools, sports facilities, and community centers, blending modern amenities with Budapest's cultural heritage.

Eagle Hills is currently seeking approval for the project’s naming from relevant authorities, signaling the next step toward realizing this ambitious vision.