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£50million project to breathe new life into Aberdeen

Three of the ONE board members Sir Ian Wood, Colin Crosby, Professor Stephen Logan
Three of the ONE board members Sir Ian Wood, Colin Crosby, Professor Stephen Logan

Sir Ian Wood and other prominent figures in business, education and the public sector have joined forces to set up a new body, backed by a £50million funding pot, to deliver future prosperity across the north-east.

Launching Opportunity North East (ONE) yesterday, Sir Ian said he aimed to stop Aberdeen becoming a “museum” as North Sea oil dries up in years to come.

Instead, the city and shire can enjoy a “renaissance” – saving tens of thousands of jobs – through action taken now to offset inevitable decline in offshore energy industry, he added.

Sir Ian – whose efforts to invigorate the North Sea industry after stepping down as chairman of energy service giant Wood Group have focused minds on the need for collaboration to reduce inflated operating costs – is backing ONE with £25million from his charity, the Wood Foundation.

It is expected to benefit from a further £25million of co-investment from Scottish Enterprise (SE) and other public and private sector sources.

ONE is already signed up as the private sector partner for the north-east’s £2.9billion City Region deal, which could help to unlock many more billions of pounds of investment for the area.

Board members Colin Crosby, Patrick Machray, Jennifer Craw, Professor Stephen Logan and Sir Ian Wood.
Board members Colin Crosby, Patrick Machray, Jennifer Craw, Professor Stephen Logan and Sir Ian Wood.

Sir Ian said the new body would play a key role in maximising the economic recovery of oil and gas.

And its work supporting energy industry supply chain expertise would help to anchor it in the area for generations, he added.

But ONE is looking to support the region’s long-term prosperity by also reducing the local economy’s reliance, particularly in Aberdeen, on what happens in the North Sea.

A high profile leadership team will oversee the work of four key sector boards – covering oil and gas, food/drink and agriculture, life sciences and tourism – as it goes about trying to move the region on to a more balanced economy.

It will provide co-funding and resources to help grow and promote these four industries and aims to bring “high-impact” projects to fruition in partnership with the public and private sectors.

The new body will focus on investment and action to stimulate economic growth, safeguard jobs and create new employment opportunities over the medium to long term.

A “sector-specific and outcome-focused agenda” aims to complement and where appropriate support investment proposals within the City Region Deal, including an oil and gas technology centre, improved sea and air links, significant city centre improvements, extended leisure and recreation facilities and major upgrades to digital and wider physical infrastructure.

But its launch means the end of the road for public-private partnership business development body Aberdeen City and Shire Economic Future, which has always struggled for funds and is now being wound up.

Big hitters on ONE’s board include Aberdeen Asset Management chief executive Martin Gilbert, Aberdeen University principal and vice-chancellor Sir Ian Diamond, Robert Gordon University principal and vice-chancellor Ferdinand von Prondzynski and Oil and Gas UK chief executive Deirdre Michie.

Aberdeen and Grampian Chamber of Commerce president Edel Harris, NHS Grampian chairman Stephen Logan, VisitAberdeen chairman Colin Crosby, ANM Group chairman Patrick Machray, Elevator (business group) chief executive Gary McEwan are also on the leadership team.

SE is represented by Adrian Gillespie, the quango’s director of operations for growth companies, innovation and infrastructure.

Aberdeen City and Aberdeenshire Council will both be represented by their respective conveners as ONE strives to keep the local authorities onside.

ONE already has a chief executive, former SE Grampian boss Jennifer Craw, and plans for an office and about 10 employees.