The City Deal will see UK Government, Scottish Government and local authorities work together to invest in future of north-east Scotland.
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It is a major financial injection which includes boost for innovation and diversification in the oil and gas industry.
The City Deal will address a number of proposals from the region including a new energy innovation centre, supporting the industry to exploit remaining North Sea reserves, as well towards the expansion of Aberdeen harbour, enabling the city to compete for decommissioning work. The City Deal also sets out how the region will diversify the biopharmaceutical and agri-food industries, diversifying the area’s economy and creating new jobs and export opportunities, as well as commitments to improve digital connectivity across the area.