A €300m redevelopment of Waterford city is in the pipeline after a Saudi investment group reached an agreement with the city council to develop the Michael Street shopping centre and the North Quays.

Saudi-based investment group Fawaz Alhokair has entered into agreement with the council to develop both sites.

The Irish Independent understands that a meeting of the council scheduled for Thursday is set to give the green light for contract negotiations to begin with Fawaz Alhokair.

Fawaz Alhokair is a major Saudi investment fund with interests in everything from retail to property and hospitality.

It is believed the group began negotiations with the council last September.

The site is under the control of Nama, however council officials are optimistic that the State agency will agree to hand over the site for redevelopment.

Both sites received strategic development status in 2016 - a factor which officials say has generated unprecedented interest in developing the land.

The proposals include plans for around 100,000 sq ft for retail, hotel, housing and office space, along with a new tourism landmark for the city.

Irish Independent