Aberdeen City Region Deal could create more than £820m of additional investment
Partners said the deal could bring in more money once private sector and other investment factored in
Aberdeen City Council leader Jenny Laing - Image credit: Aberdeen City Council
The new Aberdeen City Region Deal could create more than £820m of additional investment, it has been predicted.
The terms of the deal, signed today, commit both the UK and Scottish Governments to jointly invest up to £250m while Aberdeen City Council, Aberdeenshire Council and local partners will spend up to £44m over the next decade.
It is designed to act as a catalyst for economic growth and diversification, with partners announcing that estimates suggest the deal’s total value could be up to £826m once private sector and other investment is factored in.
Aberdeen City Council leader Councillor Jenny Laing said: “The signing of the Aberdeen City Region Deal marks the final stage in the process of bringing the deal to fruition – but also marks the beginning of a long-term programme designed to make a positive impact on our region and its economy, bringing benefits now and for generations to come.”
Laing was joined by UK Government Minister Lord Dunlop, Cabinet Secretary for the Economy, Jobs and Fair Work Keith Brown, Aberdeenshire Council co-leader Councillor Richard Thomson and Opportunity North East Chairman Sir Ian Wood to sign the document.
Dunlop added: “It is great news that we are signing the deal today, meaning we can get on with driving growth in the economy of north-east Scotland.
“A key part of the deal is to support innovation and diversification in the oil and gas industry, which is why the technology centre is so crucial. I am very pleased this week that the UK and Scottish governments have been able to release the first £4m of funding, which will enable The Oil & Gas Technology Centre to begin its important work.”
Keith Brown said the multi-million pound deal would support Aberdeen’s position as a “global oil and gas hub”, and on top of the Government’s £125m contribution to the deal, it will also invest up to £254m to support transport, housing and digital initiatives.
The Aberdeen City Region Deal encompasses a number of projects, including the Oil & Gas Technology Centre, a digital infrastructure fund and the proposed expansion of Aberdeen Harbour. A Bio-Therapeutic Hub for Innovation, Agri-Food and Nutrition Hub for Innovation and a Strategic Transport Appraisal are also part of the programme.
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