Hungary Plans to Build €6 Billion Dubai-Style Budapest District

Hungary’s government said it plans to develop what it bills as a new, “Dubai-style” hub around a partly disused railway station in Budapest for an estimated €6 billion ($6.5 billion) using mostly foreign funding.

A site northeast of central Pest owned by Hungary’s state railways is to be developed using private investment of at least €5 billion, Janos Lazar, the minister responsible for construction and transportation, told reporters Monday. The Hungarian government will spend about €1 billion to improve infrastructure, he said.