Mohamed Al Fayed plans to open a hotel on an oil platform in the North Sea. Two unidentified oil companies have signed up and approved the use of their platforms for the project.
The Harrods owner wants to create a 50-bedroom country-house style hotel on a platform in the Cromarty Firth, off Scotland's east coast, by 2008. If the project goes ahead, the attraction would also include a visitor centre, a shop and a restaurant.
Mr Al Fayed has been working with local enterprise agencies for several years to get the estimated £10m plan off the ground. He already owns the 60,000-acre Balnagown Estates in Easter Ross and the Falls of Shin visitor centre in Sutherland.
The idea is to build a complex with a unique location, offering panoramic views and the chance for guests to watch marine life from their window.
A committee will now be formed to develop plans further, including members of Ross and Cromarty Enterprise, one of the project partners.