Saudi firm linked with Waterford shopping center development

It's reported to be striking deals with NAMA and the local council...

Saudi firm linked with Waterford shopping center development

Andrew Bennett / Flickr

Saudi Arabia’s largest shopping mall operator is reported to have acquired sites in Waterford City where it hopes to develop a new shopping center.

The Irish Times reports that the Fawaz Alhokair Group is believed to have agreed a deal with Waterford City Council for a four acre shopping centre site on Barronstrand Street in the center of the city - and a second deal with NAMA for a 17 acre site across the river on the north quays, which it will use to build a commercial and residential development.

Closed shops in Waterford City during Ireland's economic downturn / Rolling News

The shopping development is slated to be open to the public by the end of 2018 according to the newspaper.

The firm manages some 1.6 million square metres of properties across 16 countries and has franchise deals with a number of leading fashion retailers, including Top Shop, Zara, and Gap.

While it returned a $10.80m profit in the final three months of 2016 - that was a decline of more than 50% compared to the same period in 2015. This came as consumption dipped across the Middle East as oil prices hovered at historic lows.