In what's believed to be the biggest investment ever seen in Waterford city, a Saudi Arabian group have agreed the terms to develop the Michael Street Shopping Centre and the North Quays.
Fawaz Alhokair Group (the “Group”) is one of the leading groups of companies in the Kingdom of Saudi Arabia.
Their main focus is on retail and real estate business sectors but the group has diversified into other sectors to include construction, financial services, health care and hospitality.
The Group started in 1989 as a partnership between three brothers, Dr. Fawaz Abdulaziz Alhokair, Eng. Salman Abdulaziz Alhokair and Dr. Abdul Majeed Abdulaziz Alhokair as a retail apparel store operator with two menswear stores.
Now the group has agreed the terms of the multi million euro investment with Waterford City council following six months of negotiations.
Work is expected to begin on the Michael Street Shopping Complex before the end of 2017, with hopes for Marks and Spencer to become the anchor tennants.
It's also expected the North Quays development will be larger than Mahon Point in Cork and will provide significant office space to attract financial and international services post Brexit.
The Al Hokair group has built 19 shopping malls combining shopping, dining and entertainment in the Kingdom of Saudi Arabia. They've already moved into the European market in Italy and Spain with Waterford next on the list.
There could also be plans to build a five star hotel on the North Quays site, the group already has 34 hotels worldwide with more under construction.
Waterford City and County Councillors were briefed on the investment at a special meeting yesterday afternoon.
Councillor John Cummins says, "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.
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.
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 accomodation and 30,000 square metres of accomodation.
So it's hugely significant for our city, it has the potential to transform the way we are viewed, it's going to really create a regional city in Waterford of significance and one which can compete with the other regional cities.
It's really going to drive the entire South East region forward and I'm really looking forward to the months ahead and these developments progressing."
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.
Cllr. Cummins concluded by saying “This is a once in a century opportunity to transform our city. To say this is a game changer is an understatement, it will transform our City, how we are perceived and it is an opportunity which we cannot pass up.
However legitimate concerns exist regarding the potential impact on our current high street retailers and I believe the link via a transport shuttle from the North Quay’s to the Applemarket stopping in John Roberts Square is one of the most critical elements of the entire project”.
