ABERDEEN is set to undergo a financial resurgence not seen since the 1970s, a new report suggests.
In its annual Investment Tracker, Aberdeen & Grampian Chamber of Commerce said Aberdeen City Region is expected to undergo an “economic renaissance” as clean energy projects move from planning into reality.
Up to £22.2bn of energy projects are detailed in the paper, marking the highest level of investment in the area since the oil boom of the 1970s and 80s.
Alongside energy project investment, Aberdeen and Aberdeenshire can expect new transport infrastructure, commercial and residential property, new health facilities and schools, as well as sport, leisure and cultural venues all worth billions.
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 breath-taking pace of change, with billions invested in transformational projects.
“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.”
Alongside the £30bn investment projected for the years ahead, more than £7bn worth of infrastructure projects have been completed since 2017. This includes the Aberdeen Western Peripheral Route, worth £750 million, and the Aberdeen International Airport upgrade which costed £54m.
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 focused 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.”
