In addition to around 1000 new jobs, it would include a 12-lane swimming pool, 14 tennis courts, 15 basketball courts, two full-size gym halls, two indoor international football pitches, four indoor ski runs and an elite ski course to stage world cup events, four full-size ice pads, snowboarders’ half pipe, a 13,500-seat arena, an indoor white-water rafting centre and a space centre.

The Virgin Islands company, which claims to be involved in global developments totalling£4 billion, says it will take a minimum 5% share-holding, but has not placed a limit on its investment.

Chairman and managing director, Jagadeehs Raja, said his Celestial Overseas Ventures Ltd is also prepared to fund the Dundee entrepreneur to the tune of hundreds of millions of pounds in projects he is proposing in other parts of the world.

Mr Raja, who had meetings yesterday in Dundee with Mr Stewart and his architect Alistair Kerr of Broughty Ferry firm Kerr Duncan McAllister, said the massive undertaking at Monifieth was now expected to go ahead in early summer, the earliest date by which a planning application might be granted by Angus Council.

Mr Raja said, “We are ready to go ahead in January because everything else is in place but planning will take a little longer. We were attracted to Snow Valley by its basic concept of bringing all these sports, including an academy, together under one complex.

“We were also impressed by the employment opportunities and the chance for people to learn the sports. Mr Stewart and his team had everything in place except financial closure and planning permission.”

Mr Raja’s company is 18-months old and, although registered in the British Virgin Islands, operates out of Dubai, where he is based. Celestial Overseas Ventures concentrates on projects involving educational establishments up to university level, healthcare institutions, infrastructure developments such as water, sanitation and power generation, and hotels.

The chairman added, “We are committed to £4 billion of funding, not including the Snow Valley development. “We will be an equity partner in Snow Valley. So far, we have taken anywhere between 5% and 50% in the developments in which we are involved. We are discussing this now with Mr Stewart and our minimum is 5% and a director on the board. Whatever, it will be a minority shareholding.”

Mr Stewart said his plans had been delayed by the need to finalise the funding arrangements and one or two other matters. However, he said there was nothing now standing in his way, assuming a planning application is greeted favourably by Angus Council.

“We will have to work up the drawings now for submission to the council,” he said.

“We have a major, international construction company coming in and they will be doing double shifts. If we can make a start in early summer, some of the buildings will be finished within six months while the entire project will take 18-months to two years to complete.”

Asked whether current work on the dualling of the Dundee to Arbroath road, would hamper his construction schedule, Mr Stewart said he did not expect it would.