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Sun 11 Nov 2018 03:32 PM

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Saudi developer signs deal for $340m Irish development

Project includes retail, housing and office space, as well as a hotel

Saudi developer signs deal for $340m Irish development
Waterford City and County Council members approved plans for European arm of Saudi retail giant Fawaz Alhokair Group to develop the new retail centre in the city’s North Quays.

Saudi developer Fawaz Alhokair Group signed an agreement with Waterford City and County Council to invest $340 million (€300m) constructing a mall, hotel and housing development in the south-east Irish city.

Local authority members from the city and county council approved plans for European arm of Saudi retail giant Fawaz Alhokair Group to develop the new retail centre in the city’s North Quays.

Ireland’s independent planning authority An Bord Pleanála also gave the go-ahead for compulsory purchase orders for properties required for the redevelopment project.

The development includes 30,000 square feet of retail space, 15,000 square feet of hotel accommodation, 30,000 square feet of apartments, as well as 10,000 square feet of office space.

Planning permission for the project is expected to be submitted in Q1 next year, with more than 2,300 direct jobs expected to be created by the development, Irish media reported.

The local authority will now hold public consultations for submissions and observations before the planning permission is submitted. 

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