Massive return for Titanic backer

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The billionaire backer of the Titanic Quarter scheme has seen the value of his stake in a US convict-tagging company quadruple in just eight months.

Dermot Desmond's 9.84% stake in Utah-based Remote MDX is now worth around £24m.

The Irish national is also the majority shareholder in Celtic Football Club.

Last month planners gave the go-ahead for a £1bn scheme around the site where the world's most famous ship was built in Belfast.

The scheme, the largest ever dealt with by Northern Ireland's Planning Service, will provide about 3m square feet of new floorspace.

It is envisaged that 20,000 jobs will be created over 15 years as the shipyard wasteland is transformed with new homes and a tourism centre

Never publicised

Although Mr Desmond's business interests are varied and many, his share in Remote MDX has never been publicised before.

Its huge increase in worth is thanks to tagging products being embraced by the US's sizeable law enforcement sector.

And according to the Sunday Independent, Mr Desmond's gains could be even higher as Remote MDX shares traded at below 25% in 2005.

Mr Desmond's handsome return on his initial investment in the US firm (approximately £6m) is being compared to that generated by his involvement in London City Airport.

The tycoon, who bought the airport for £23.5m in 1996, sold it to an American consortium last year for £750m.