Waterford City in line for €300m Saudi development

A major development could be on the way for a key site in the centre of Waterford City following reports a Saudi Arabian company is preparing to invest €300m in the area.

The seven-hectare North Quay site in Waterford has been lying derelict for several years, but was designated a Special Development Zone (SDZ) last year by the Government and now looks like being the subject of a large-scale retail, commercial, residential, and public space development.

According to the Waterford News and Star, Saudi investors Fawaz Alhokair, who specialise in the development of retail centres, have agreed terms for the purchase of the North Quay site, as well as a development area around Michael Street in the city centre, which was recently approved by An Bord Pleanála for the construction of shopping centre.