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December 21, 2016

Aberdeen Harbour and Dragados UK finalise deal for £350m expansion

Aberdeen Harbour Board in the UK has signed a construction deal with Dragados UK for building additional facilities at Nigg Bay to the south of the existing harbour in Scotland.

Aberdeen Harbour Board in the UK has signed a construction deal with Dragados UK for building additional facilities at Nigg Bay to the south of the existing harbour in Scotland.

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Construction of the expansion is slated to begin next year and expected to be complete by 2020.

The newly signed construction deal was followed by a recently granted planning consent from the Scottish Government, which approves the £350m expansion at Aberdeen Harbour.

Before finalising the deal, Aberdeen Harbour Board chairman Alistair Mackenzie said: “Aberdeen Harbour has been in existence for almost 900 years. 

"Its longevity can be attributed to its ability to adapt to changing trading requirements and being forward-thinking in delivering new and improved facilities to support its customers, while at the same time attracting new business.

“This major new chapter in the port’s history continues this approach and underpins the Trust Port ethos of viewing future generations as key stakeholders.

"We believe that the infrastructure developed in Nigg Bay will encourage and support the continued prosperity of the city and region that the harbour serves."

“We believe that the infrastructure developed in Nigg Bay will encourage and support the continued prosperity of the city and region that the harbour serves and make a significant national economic contribution.”

To be developed as part of the Scottish Government National Planning Framework (3) project, the proposed expansion will feature 1,400m of new quay with a water depth 10.5m, as well as 125,000m² of new lay-down area.

The expansion is further expected to enable Nigg Bay to handle more cruise vessel fleet and cost-effective commercial vessels.

In addition, it is estimated to generate an additional £1bn of annual revenue to the UK economy by 2035, and will create around 7,000 new jobs.


Image: The proposed expansion will help Nigg Bay to handle more cruise vessel fleet and cost-effective commercial vessels. Photo: courtesy of Aberdeen Harbour.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
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  Consult our full report here and optimize your business strategy.
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Enter your details here to receive your free Report.

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