Plans have been unveiled for a proposed major development of the quays in Waterford city.

Councillors have been told that an investment group involving a Saudi Arabian family is considering putting in the region of €300m into shopping centre developments in the city.

A meeting of the city council was told the Alhokair Group is in discussions with Waterford City Council and NAMA regarding the purchase of a four-acre site at Michael Street with planning permission for a shopping centre.

Councillors heard that the company is also interested in developing the north quays. The area has been designated as a Special Development Zone by the Government.

It comprises 17 acres of waterfront land onto the River Suir. Part of the land is currently owned by the Port of Waterford.

Former city mayor John Cummins told RTÉ News that councillors will meet again on Thursday to consider the proposals, which would involve the city council purchasing land from the Port of Waterford company and then selling the entire parcel of land at the north quays onto the development group.

Councillors were told the amount of money the group is planning to invest in Waterford could be in the region of €300m.