Eagle Hills to Develop “Grand Budapest” Project in Hungary

Eagle Hills Group, a private real estate investment and development company based in Abu Dhabi, and headed by Mohamed Alabbar, said that it has signed a real estate purchase agreement with Government of Hungary in preparation to launch “Grand Budapest” project at a cost of $12.45 billion.

Eagle Hills Group announced that the 100-hectare land, on which the mixed-use real estate development of the “Grand Budapest” project will be built, is to make an area that has been abandoned for decades flourish again.

This envisioned development was launched with the support of the UAE government and the Hungarian government.

The guiding principle of the development is sustainability; it involves a smart city concept that incorporates energy-efficient buildings, renewable energy systems, and solutions for intelligent waste management. The Eagle Hills Group views health and education as cornerstones of prosperity and growth and thus the “Grand Budapest” project includes schools, sport and community facilities that enrich everyday life and promote development.

Mohamed Alabbar, who is also founder and managing director of Emaar Properties, said that the Grand Budapest project will create a new world-class green district from an area that has been abandoned for decades. The development reflects our vision to create spaces that help city residents in every way and prioritize sustainability and the importance of communities, he said.

Eagle Hills is spread across 11 countries in the Middle East, Europe and Africa including Albania, Bahrain, Croatia, Ethiopia, Hungary, Jordan, Latvia, Morocco, Oman, Serbia and the UAE.

Respects Budapest’s Traditions

Inspired by Budapest’s rich cultural heritage, the development aims to respect the city’s traditions while introducing modern elements that further enhance the character of the city.

The planned development of area will create 35-40 hectares of parks and vibrant public spaces. This development will not only restore a forgotten historical part of Budapest but also make it a global benchmark for human well-being, sustainability, and urban living.

The name “Grand Budapest” was chosen to encompass the wealth of opportunity, innovation, and formative impact this project represents. Eagle Hills Group has begun obtaining the necessary name approvals from the competent authorities.

Grand Budapest will boost the Hungarian economy by providing around 2% to GDP growth. It will also create thousands of jobs during construction and operation, support local businesses, and increase tourism and the value of properties.

Beyond the economic benefits, this project aims to redefine urban living by combining sustainability and modern design to create a higher living experience, community, and lifestyle. Grand Budapest is not merely a development, but a vision for a better, more prosperous Hungary. Our goal is to create a legacy that will inspire generations to come.