A tally of investment projects in north-east has highlighted that the region will get an injection of £5billion in coming years and that it is “open for business”.
Aberdeen and Grampian Chamber of Commerce (AGCC) has produced an investment tracker to show that the region’s infrastructure pipeline underpins reasons to be confident about the area’s future despite the effects of the current oil and gas downturn.
Most of the investment is scheduled for the next five years, and includes projects involving transport, digital infrastructure, leisure & retail, culture, hotels, business space but excludes residential development.
Significant projects include Hywind, the world’s first floating offshore windfarm development worth £1.7billion. Others include the £745million Aberdeen Western Peripheral Route (AWPR), the £333million new Aberdeen Exhibition & Conference Centre (AECC), the controversial European Offshore Wind Deployment Centre, worth £300million, and the delayed expansion of the Aberdeen Harbour expansion into Nigg Bay – worth £300million
Projects included in the tracker are those which have received planning permission or have funding committed. Other developments, such as the proposed new bridge over the River Dee, while thought likely to be delivered, were not judged advanced enough for inclusion.
However, the chamber is updating the tracker document and republishing every six months to make sure the information is kept current.
James Bream, the AGCC’s research & policy director said: “Since moving back here a few years ago I have noticed that projects are talked about but people believe they ‘will never happen’.
“We felt there was an opportunity to change the story to a positive narrative and a positive outlook by providing evidence which actually shows, when you add those projects together, there is an exciting story.
“The aim is to provide pride and confidence to the people of Aberdeen city and Aberdeenshire and sending out the message that our city region is open for business while reminding politicians of their responsibility to deliver.”
Derek Leith, senior partner at EY Aberdeen which has backed the tracker, said: “This document is an important step that we can all get behind across the private and public sector.
“By supporting progress across the infrastructure pipeline, we can create the momentum, confidence and togetherness the North-east economy needs.”