Nigel Dodds: Gave details of announcement

The Victoria Square scheme will be the Multi Development Corporation's first venture into the UK, although they have carried out a large number of award-winning projects throughout Europe.

Their proposal is for 500,000 square feet of retail space, including provision for a major department store, a hotel, health club, restaurants, apartments and car parking.

Mr Dodds said: "I see this as a major investment, of the order of �200m, as a sign of confidence and faith in the future of Belfast. It will attract major new retailers, help Belfast compete better with out-of-town shopping and establish Belfast as a European city."

He said Victoria Square would provide a link between Laganside and the city centre.

He said it would create a dumbbell effect with the other major city centre shopping complex, CastleCourt in Royal Avenue, and "should significantly increase the circulation of shoppers" throughout the city's commercial heart.

Mr Dodds said his department's support depended on the scheme being finalised and getting planning permission.

Proposals for Victoria Square

Department store Hotel Health club Restaurants Apartments Car parking

The MDC plan involves demolishing IDB House, which would become the site for a department store, and BT's Churchill House office complex would become a hotel. The Victoria Centre would be replaced.

It also proposes a series of smaller retail outlets with 30 luxury apartments and a 20,000 sq ft health club. This plan would take longer to get off the ground.

On Thursday afternoon, the Northern Ireland Executive discussed the plans and were briefed by officials from the Department of Social Development.

However, Mr Dodds did not attend the meeting as the Democratic Unionist Party, of which he is a member, refuse to attend executive meetings with Sinn Fein ministers present.

Other schemes

After their meeting, the executive released a statement saying a number of issues required further consideration - including the future of some city centre road schemes.

The other schemes in contention included a proposal by Laganside developer Dunloe Ewart for the area from North Street to Donegall Street.

Two further plans included CastleCourt Phase 2 incorporating the Millfield to North Street area, and Collegegate, centred on Fountain Street and College Street.

These proposals can still be submitted for planning permission.

It is not yet clear if the DUP's policy of rotating the people in its two executive posts, over their opposition to Sinn Fein sharing power, will have political repercussions for Mr Dodds' decision.