The identity of the foreign investor has not been disclosed

The Hungarian government has unveiled ambitious plans to invest €6 billion to build a skyscraper district around an abandoned railway station in Budapest. The project, intended to rival Dubai's magnificent cityscape, will involve massive funding, mainly from abroad, and aims to transform a plot of land in northeast Pest.

Hungary's minister of construction and transport, Janos Lazar, revealed that it is anticipated that private investors will earmark at least €5 billion for the development of the new district, and the Hungarian government plans to contribute around €1bn to improve infrastructure in the area. In total, the proposed investment amount is €6 billion, according to bloomberg.com.

The identity of the foreign investor has not been disclosed, but it is known to be one of the world's largest companies and that the deal will be regulated by an intergovernmental agreement. Hungarian press reports indicate that the investor is from the United Arab Emirates.

This initiative is part of Prime Minister Viktor Orban's plans to build a project to rival Dubai in terms of grandeur. Janos Lazar noted that there is currently a ban on building skyscrapers in the Pest area, but suggested that the oil group Mol's new district paved the way for similar projects.

However, the plans have already sparked criticism from Budapest city authorities, who say it would adversely affect the urban landscape in a historic part of the city. Details of the project are due to be worked out in the first half of next year.