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Dubai’s Emaar Properties ‘not involved’ in Budapest project

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  • Developer says media reports that it is to build a skyscraper near the city’s historic Heroes Square are incorrect

Dubai’s Emaar Properties ‘not involved’ in Budapest project

Dubai-listed developer Emaar Properties has denied involvement with a project to build a skyscraper near the historic Heroes Square in the Hungarian capital of Budapest.

The developer disclosed to Dubai Financial Market (DFM) on Wednesday that reports saying it was associated with the project that would see a “Dubai-style” tower emerge among Budapest’s historic art nuovo buildings were incorrect and that Emaar Properties is ‘not involved’ in any such project.

Reports have been circulating in English language media in Hungary, including on the Daily News Hungary website, that the project would be part of a “Mini Dubai” development in the city, to take place over the next 10 years.

One report even claimed that the EUR 5 billion ($5.4 billion) project would see Emaar buy an area of land without competition, but at market price, for the development, which would also include a modernised train station.

(Reporting by Imogen Lillywhite; editing by Brinda Darasha)  


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