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17th May, 2018

Futureal starts construction of new mall in south Buda

Developer Futureal Group has begun the construction of a 155,000m2 shopping mall near Kelenfold train station in Budapest’s 11th District.

When completed in 2020, Etele Plaza will be the third largest shopping and entertainment centre in the city, and the biggest mall in Buda, the developer said.

The mall is close to the M1-M7 motorway as well as Kelenfold station, and can be accessed by the M4 metro line, as well as by tram and bus.

Some 200 shops, including the largest fashion brands, will be present on the mall’s 54,000m2 of retail space.

The centre will also host restaurants, cafes, a multiplex cinema and a gym.

The area around Etele ter is one of the most densely populated in the city, with 235,000 residents, whose average purchasing power is 125% of the national average.

The mall will have 1,300 parking spaces. (napi.hu; portfolio.hu; hvg.hu; iroda.hu)
17th May, 2018

Result of MAV vending machine tender expected in July

State passenger rail company MAV-Start will announce the result of the public procurement tender for the purchase of new ticket vending machines in July, according to reports.

Financial news website G7 reported in April that three companies had submitted bids and that MAV-Start would announce the winners by May.

The winner will have to deliver 375 units with the option of an additional 110 for Ft 4.7 billion.

Bids were invited at the end of February and companies had one month to submit their offers.

MAV-Start called for the purchase of 275 ticket vending machines that accept payment by cash and bank card and 100 that accept payment solely by bankcard.

The contract will also include options to buy a further 80 and 30 units respectively of these two types of machine.

The tender is financed from EU funds under the Integrated Transport Development Operational Programme.

The ticket vending machines are to be installed in suburban stations and in cities around Lake Balaton. (hvg.hu; portfolio.hu; magyaridok.hu)
17th May, 2018

Uniqa plans to double profits

Insurance company Uniqa made a Ft 820 million profit after taxes in 2017, up from Ft 225 million a year earlier, and plans to boost that to Ft 1.4 billion this year, CEO Krisztian Kurtisz said on Wednesday.

Gross premium revenue rose 10% last year to Ft 64 billion.

As part of a strategic overhaul, Uniqa has streamlined its product portfolio, reducing the number of its products from 200 to 40, he added.

The insurer plans to launch an innovative new product which will be a novelty on the market, Kurtisz said, without elaborating.

The Austrian parent company launched a venture capital company to fund insurance companies, and the Hungarian unit will also venture into this field in the fall.

Insurtech companies, similarly to fintech companies, offer customised services exploring new technologies. (napi.hu; portfolio.hu)
17th May, 2018

Duna Aszfalt wins huge state tenders

Construction group Duna Aszfalt has successfully won several public procurement tenders, news website 24 reports, citing the public procurement gazette.

The company is owned by Laszlo Szijj, who is known to have close ties to the government.

His company will build a road linking the M5 motorway to main road 5 for Ft 8.8 billion, which is Ft 1 billion more than the state infrastructure developer NIF had planned to pay.

Duna Aszfalt also won Ft 4 billion worth of tenders for 18 of 34 road construction tenders announced by the NIF.

Swietelsky won nine contracts worth a total of Ft 2 billion, followed by Strabag with seven tenders worth Ft 1.4 billion. (24.hu; hvg.hu)

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