United Arab Emirates (UAE)-based developer Eagle Hills Group has entered into a real estate purchase agreement for land in Hungary to develop the Grand Budapest project, a mixed-use development.

The planned development will span 100ha, with 35ha-40ha dedicated to parks and public spaces.

The Grand Budapest project will also see the development of schools, as well as sports and community facilities.

Sustainability is a core principle of development, which includes a smart city concept with energy-efficient buildings, renewable energy systems, and intelligent waste management solutions.

Eagle Hills Group is currently in the process of obtaining the necessary approvals from the relevant authorities.

The project, supported by both the UAE and Hungarian governments, is set to have a transformative impact on the local economy.

It is anticipated to contribute approximately 2% to Hungary's gross domestic product (GDP) growth, with a development cost exceeding €12bn ($12.4bn).

Additionally, the project is expected to create thousands of jobs throughout its construction and operational phases and bolster local businesses via tourism.

The company noted that it chose the name 'Grand Budapest' to reflect the opportunities and developmental impact envisioned for this project.

Eagle Hills Group founder Mohamed Alabbar said: “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 prioritise sustainability and the importance of communities.”