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Contract signed for €300m Waterford city Saudi development
Waterford City and County Council has signed a contract for a €300 million development with a Saudi Arabian retail group, for a long-mooted project on the city North Quays.
On Friday 9th November 2018, the local authority announced an agreement had been signed with the European arm of Saudi retail giant Fawaz Alhokair Group, which will redevelop the North Quays site in the city.
An Bord Pleanála (Irish Planning Authority) also approved compulsory purchase orders for lands required for the redevelopment project. The redevelopment of the brownfield site will include a shopping centre, office space, a hotel, and other commercial facilities, totalling over 90,000 square metres.
The Saudi retail group intend to submit a planning permission application early next year for the large scale project, according to the local authority. The council said the investment would create more than 2,300 direct jobs.
Responding to questions on the agreement, a spokeswoman for the council said the local authority had been involved “in a two-year process” to reach the deal.
Delivering the project would be “a major game changer and future growth enabler for the region”, the local authority said.
The North Quays development has been a collaborative project between Waterford City & County Council, the Fawaz Alhokair Group and the "Irish Government's Urban Regeneration & Development Fund".