£12 billion to flow into the north-east over the next decade

Investment worth more than £12billion is expected to flow into the north-east over the next decade, according to a major new study.

Aberdeen & Grampian Chamber of Commerce has today published the 2022 edition of its Investment Tracker, which plots how billions of pounds worth of projects will see the region re-invented.

The publication – delivered in partnership with Invest Aberdeen and Opportunity North East (ONE) – also reveals that £3.2billion of projects have been completed in the region since 2017, including £724.1million since the beginning of the pandemic.

In 2022, the Aberdeen Harbour expansion is expected to be completed. Along with Aberdeen International Airport, Peterhead Port, Fraserburgh Harbour. Rail and road infrastructure investments are on the way to boost accessibility of the region for trade and business.

The wider investment includes:

• £4.5billion of investment in energy and environmental projects
• £3.51billion worth of transport and infrastructure investment
• £1.23billion of commercial and residential projects
• £819.4million of health, sport and education projects
• £795million of investment catalysed by the City Region Deal
• £369.1million in leisure and culture developments
• £361.8million investment in town and city centres across the region

Russell Borthwick, chief executive of Aberdeen & Grampian Chamber of Commerce, said: "Billions of pounds of investment will deliver the infrastructure, regeneration and cultural activity to create a truly 21^st century environment in our city region; right here, right now.

"Outsiders might know of this region being Europe’s oil capital, and with that knowledge make assumptions of this place being industrial and in decline.

"Nothing could be further from the truth, but perception is reality, so this report is part of our shared narrative to demonstrate that as well as already being great place to live, work, study, visit, invest and do business, ours is a region with big ambitions for the future."

Jennifer Craw, Chief Executive of Opportunity North East said: "The private and public sectors share the ambition for Aberdeen and Aberdeenshire to lead in energy transition with a diversified and resilient economy, providing a high quality of life in a great natural environment.

"Opportunity North East is focusing action and investment on developing new digital tech businesses, sustainable food production and premium product development, commercialising life sciences innovation and rebuilding the visitor economy focusing on our natural assets and environment.

"These projects are fundamental to creating an attractive and supportive environment for entrepreneurs and founders, supporting start-ups to full-scale maturity. Energising this region’s entrepreneurial spirit will make the most of sector strengths and people, create new jobs and opportunities."

Councillor Jenny Laing, leader of Aberdeen City Council, said: "The 2022 Tracker tells the story of our ambition and ongoing transformation as a catalyst for further investment and we are confident that the Aberdeen City Region will continue to be great place to live, work and invest."

Councillor Andy Kille, leader of Aberdeenshire Council added: "As the Tracker shows, we are in a stronger position as our projects are coming onstream just when our businesses need them most, and our investment pipeline provides confidence that this is an attractive place to invest."