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.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.