Dubai in Hungary: Budapest’s over 100-year-old metro line may be extended

Contracts could be signed this year for a new project to extend the small landfill site by the Hungarian government.

At a press conference on Monday, Construction and Investment Minister János Lázár confirmed that negotiations are under way on the luxury development project, known as Maxi-Dubai, near Rákosrendező. This project involves substantial investments in Dubai, ranking among the largest worldwide, with the investor contributing almost HUF 5 billion (EUR 13,090,491).

Lázár mentioned the local renewal of the railway track, but details regarding the potential inclusion of a towering block on the site remain undisclosed. According to a document obtained by Népszava, two people are currently interested in this special area.

Dubai in Hungary

According to the document, following the evaluation of the two tenders, the government has directed the preparation of an international treaty between the UAE and Hungary. On Monday, János Lázár told Népszava that the government might sell the land, emphasising it is, in essence, a “joint real estate development.”

As things stand, the government contemplates two construction approaches. In one scenario, the state would “sell the real estate (…) necessary for the realization of the project,” while in the alternative version, the investor would “acquire the land under the buildings involved in the development and pay the value of the land use right

The document is poised to be signed this year. The Hungarian State would commit to developing five infrastructures, including the construction of the Szegedi Avenue overpass, the renovation of the railway station and track at Rákosrendező, and the establishment of a cycle and pedestrian path. The most significant investment involves extending the more than century-old M1 metro line. Meanwhile, their partner would undertake the implementation of the development concept.

Read also:

• Scandal: Dubai billionaire can build skyscraper near Heroes’ Square
• Construction of Hungary’s southernmost Danube bridge to start next year