Egyptian-born tycoon and owner of Harrods, Mohamed Al Fayed, has revealed plans to turn his 65,000-acre Balnagown estate into a major new tourist attraction for Scotland.

Provisional development plans for the Balnagown estate – located on the Cromarty Firth, near Inverness – are still in early stages, but include a theme park with virtual rides, an upmarket holiday village and a variety of retail outlets.

Fayed hopes the revamped Balnagown will attract a sizeable number of the 200,000 cruise passengers who disembark near to the estate at Invergordon harbour each year.

Architect James Maxwell – whose practice was responsible for the refurbishment of the Carnegie Club at Skibo Castle where Madonna wed Guy Ritchie in December 2000 – has been chosen by Al Fayed for the first phase of the development project.

Maxwell said: “We are developing some high quality proposals but detailed analysis has yet to take place. Until that happens, it’s speculative as to how many phases of development there will be on this project. However, it is likely that the first phase will involve restaurants and retail. We have no provisional timescale – all I can say is that it is actively being worked upon at the present time.”

A spokesperson for Harrods said: “Mohamed Al Fayed certainly has plans to open a further visitor attraction on part of his 65,000-acre estate in Ross-shire. We are at the very earliest stages of the project and it would be impossible to give specific details of the time and costs involved.

“Whilst people are colloquially referring to the project as the ‘Harrods of the North’, it would not be a Harrods shop per se. Whilst it would be run and administered by the Harrods organisation, it would not say Harrods above the door. I can confirm, though, that there will be Harrods merchandise available alongside other ranges.”

There is currently a small Harrods outpost at the nearby Falls of Shin, which attracts over 200,000 people annually. Details: www.maxwellandcompany.com