Hungary Anticipates Trump’s Son-in-Law Joining Budapest Skyscraper Project
Photo: Vivien Cher Benko (Hungarian PM's Office) 2025-01-24
Photo: Vivien Cher Benko (Hungarian PM's Office) 2025-01-24
Hungary’s government is anticipating Jared Kushner’s future involvement in a controversial €12.3 billion “mini-Dubai” real estate project in Budapest, led by Emirati billionaire Mohammed Alabbar. The government of Prime Minister Viktor Orbán, who has long aligned himself with Donald Trump, announced the contract with Alabbar’s company on the day of Trump’s second inauguration.
The Hungarian government is expecting Jared Kushner, son-in-law of U.S. President Donald Trump, to play a role in a high-profile, multi-billion-euro real estate project in Budapest. According to a source with connections to Prime Minister Viktor Orbán’s government, Kushner may become involved in the development spearheaded by the Abu Dhabi-based Eagle Hills group, led by Emirati billionaire Mohammed Alabbar.
The project, officially named “Grand Budapest” but referred to by local media as “mini-Dubai,” aims to transform a disused railway yard into a luxury district, including a skyscraper that could become the tallest in Europe. The possible involvement of Kushner, a prominent businessman and investor, is rumored to be linked to his investment fund, Affinity Partners, or other ventures, although specific details remain unclear.
The Hungarian government announced the contract of the €12.3 billion “Grand Budapest” luxury district development with Eagle Hills on January 20, 2025 – coinciding with Donald Trump’s second inauguration. A Hungarian government-connected source hinted that this timing might not be a coincidence, describing the contract with Eagle Hills as a “welcome gift,” potentially setting the stage for Kushner’s future involvement.
According to the source, Kushner’s role could be tied to the planned luxury district’s skyscraper – suggesting that the “Grand Budapest” may ultimately resemble Trump Tower more than the charming Grand Budapest Hotel from Wes Anderson’s 2014 film.
Hungarian Prime Minister Viktor Orbán has sought to position himself as one of Donald Trump’s closest allies in Europe, notably securing multiple visits to Mar-a-Lago both before and after Trump’s re-election.
Alabbar, known for developing the Burj Khalifa in Dubai, the world’s tallest building, is leading the Hungarian project, which now envisions a centerpiece skyscraper capped at 500 meters. This would make the building Europe’s tallest highrise.
Just days before the deal on the “Grand Budapest” project, on January 17, 2025, it was announced that the same Mohammed Alabbar’s Eagle Hills is partnering with Jared Kushner’s Affinity Partners investment group to develop a Trump Hotel and luxury apartments in Belgrade, located on the site of the former Yugoslav Ministry of Defense. In the official statement, Kushner notably expressed hope that the Serbia project would be the “first of many” collaborations with Eagle Hills.
Eagle Hills and Affinity Partners did not respond to VSquare’s request for comment regarding their potential partnership on the Grand Budapest project, although a source claimed that Affinity Partners is not currently involved.
In a vague statement sent to VSquare, the Hungarian government neither confirmed nor denied information about Kushner’s potential future involvement in the project, stating that they are unable to provide additional details beyond what has already been disclosed.
In their response to our request, Budapest’s opposition leadership criticized the project for its lack of transparency, stating that the government failed to inform them about the deal or its details.
Completely Transforming Budapest’s Skyline
When VSquare first reported on the “mini-Dubai” project in December 2023, the development’s scale and ambitions were already notable. The project has immediately faced criticism for its potential impact on Budapest’s historic skyline. While current city regulations prohibit high-rise buildings, the Orbán government has the authority to grant exemptions. This was the case with Budapest’s tallest structure, the MOL Campus headquarters, which stands at 143 meters and has already sparked public backlash.
The proposed skyscraper for the “Grand Budapest” project, planned in Budapest’s Rákosrendező neighborhood – a derelict industrial area on the Pest side of the Hungarian capital that once served as a railway hub – would dominate the skyline, overshadowing iconic 19th-century landmarks such as the Hungarian Parliament building and Heroes’ Square. Critics argue that the towering structure would fundamentally alter the city’s historic character (see more visualizations illustrating how this skyscraper would transform Budapest’s skyline).
Visualization of how the skyscraper (highlighted in pink) would change Budapest’s skyline, as seen from Buda Castle. Illustration: Telex.hu
Beyond architectural concerns, the project’s financial terms have also ignited outrage. Opposition leaders have described the €123 million sale of the 100-hectare plot as a gross undervaluation, even calling it “treason.” They have also criticized a clause in the contract stipulating that Eagle Hills would only be required to pay the full amount once the Hungarian government fulfills its €800 million commitment to infrastructure improvements around the site. The government has been accused of prioritizing foreign investors over public interests and relinquishing Hungarian sovereignty by allowing the Emirati investor extensive control over a massive plot – equivalent to half a district – without adequate oversight.
Since we first revealed plans for the “mini-Dubai” district at the end of 2023, the ambitions for constructing Budapest’s first true skyscraper have grown significantly. At that time, the initial plans proposed a tower with a height of 220 to 240 meters – comparable to Warsaw’s Palace of Culture and Science, the Warsaw Spire, or Vienna’s Donau City Tower 1. A few weeks ago, we already reported updated plans, aiming to build Europe’s tallest skyscraper — but at least surpassing London’s The Shard, standing at 309.6 meters.
The final contract for the “Grand Budapest” development sets the skyscraper’s height between 250 and 500 meters. According to a government-connected source who spoke to VSquare, the increased ambition – and height – was not originally Eagle Hills’ idea but was pushed by “the Americans.”
Notably, just after Alabbar’s Eagle Hills and Kushner’s Affinity Partners announced their partnership to build a Trump Hotel in Belgrade, Viktor Orbán traveled to the Serbian capital on January 18 to meet with Serbian President Aleksandar Vučić. According to a Hungarian government-connected source, Orbán also briefed Vučić on key details of the Grand Budapest development during these talks – details that were officially announced to the Hungarian public only days later.
Orbán is also expected to visit Dubai soon to discuss further aspects of the Hungarian real estate project.
This story is based on VSquare’s Goulash newsletter – read the full issue here with fresh scoops and a round-up of our latest investigations from Central Europe.
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VSquare’s Budapest-based lead investigative editor in charge of Central European investigations, Szabolcs Panyi is also a Hungarian investigative journalist at Direkt36. He covers national security, foreign policy, and Russian and Chinese influence. He was a European Press Prize finalist in 2018 and 2021.