Aberdeen to see £30bn investment over next decade, according to report

The North East will see more than £30 billion of investment over the next decade, according to a new report.

Aberdeen & Grampian Chamber of Commerce's (AGCC) Investment Tracker forecasts a wave of capital investment not seen since the oil boom, as the region becomes a hub for renewable energy projects.

The firm said the city region is expected to undergo an "economic renaissance" as clean energy projects move from planning to reality.

Published today, the Investment Tracker's seventh edition shows up to £22.2 billion of energy projects are earmarked for the region.

This includes the £1.1 billion Acorn Carbon Capture and Storage project at St Fergus which aims at reducing industrial carbon emissions and accelerating Scotland's transition to Net Zero.

It also mentions the MarramWind Floating Offshore Wind Farm, one of the world's largest offshore wind projects located 47 miles off the coast of Aberdeenshire, which would bring £3.5 billion of investment to the region.

AGCC highlighted it's not just energy injecting the huge investment into the region, with billions more expenditure planned in the city centre and towns, on transport infrastructure, commercial and residential property, new health and education facilities and sport, leisure and culture venues.

Russell Borthwick, Chief Executive of Aberdeen & Grampian Chamber of Commerce, said: “When we first launched the Investment Tracker in 2016, it was to challenge misconceptions that Aberdeen was in decline.

“The reality is far different; and over the past eight years, we have witnessed a breathtaking pace of change, with billions invested in transformational projects.

"Aberdeen remains one of the UK’s top regions for foreign direct investment and economic output per capita. As we look ahead, our vision is clear: to cement North-east Scotland as a powerhouse for energy transition, innovation, and growth.

“With an extensive pipeline of projects spanning clean energy, housing, commercial developments, and infrastructure, the Investment Tracker demonstrates that North-east Scotland is a region with new energy and limitless potential. If you're not considering business opportunities here, you should be."

In addition to the £30 billion of investment projected for the decades ahead, more than £7 billion worth of projects have already been competed since 2017.

The report states the Aberdeen Western Peripheral Route, a £750 million investment, has significantly improved connectivity, while the £54 million Aberdeen International Airport upgrade has modernised transport links.

It adds Port of Aberdeen’s £420 million South Harbour development has positioned the region for a key role in offshore wind, while the redevelopment of Aberdeen Art Gallery and Union Terrace Gardens has "revitalised the city’s cultural landscape".

In a joint statement, Aberdeen City and Aberdeenshire council leaders Ian Yuill, Christian Allard and Gillian Owen said: “The North-east of Scotland’s economy is underpinned by a rich history of brave, innovative and entrepreneurial thinkers.

“As a region, we have always been focussed on forging the path ahead, capitalising on opportunities to deliver growth and make our mark on an international scale.

“This tracker demonstrates how our regional heritage is shaping our present and paving the way for our next chapter.”

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