Saudi group plans €300m investment in Waterford city centre
An investment group, which describes itself as one of leading groups of companies in the Kingdom of Saudi Arabia focusing on retail and real estate business sectors, is reportedly set to make a major investment in Waterford city centre.
The deal between the Fawaz Alhokair Group and Waterford city council was agreed after months of negotiations, and councillors were yesterday briefed on the investment - believed to be in the region of €300m.
Councillor John Cummins told Beat102103 it was “a once-in-a-century opportunity to transform our city.”
“We were briefed yesterday evening by the Chief Executive Michael Walsh in relation to Saudi investors Al Hokair who are looking at coming in to Waterford city and developing the North Quays and also developing the Michael Street Retail Development,” Cllr Cummins said.
“It’s hugely significant, it’s a game changer for Waterford city and has the potential to transform our city in terms of jobs growth, and the huge investment it’s going to bring and the jobs it’s going to bring to our city.
He also gave details of the development involved.
“The Michael Street Retail development is 10,000 square metres, the Al Hokair Group are looking at adding an additional 30,000 square metres to the North Quays, along with 15,000 square metres of a hotel and conference facility, 10,000 square metres of office accommodation and 30,000 square metres of accommodation.”
It is understood that council are to meet again on Thursday to finalise terms that would allow the CEO to sign contracts with the Alhokair Group.
Work is reportedly expected to begin on the Michael Street Shopping Complex before the end of this year.
