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Wed 22 Mar 2017 12:13 PM

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Saudi developer to invest $320m in Irish mall project

To build hotel, apartments and office space on quay-side property in Waterford

Saudi developer to invest $320m in Irish mall project

Saudi developer Fawaz Alhokair Group is set to invest $320 million in a mall, hospitality and housing development, following an agreement with Waterford city council in the country’s south-east.

Fawaz Alhokair, the kingdom’s largest mall developer through its Arabian Centres subsidiary, is set to redevelop the Michael Street Shopping Centre in the city, and build hotel and apartments on adjacent land in the North Quays, Irish media has reported.

The Saudi developer reached an agreement with the city council to develop the land, which has to be ratified by the elected members of the city’s local authority.

Negotiations over the development began in September, according to media reports in Ireland, and despite the land being held by the State’s asset management agency NAMA, the deal is expected to proceed to the next stage, with work expected to start at the end of the year.

Included in the proposed development is 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.

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