Belfast Investment Guide
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SPONSORSHIP Cannes, France 12th-14th March 2019 Investment Guide 2020 @BelfastMIPIM InvestInBelfast.com/MIPIM 3 Contents Welcome 3 Welcome Belfast at a Glance 4 Suzanne Wylie Chief Executive, 6 Reasons to Invest in Belfast Belfast City Council Key Sectors Belfast is a city of exceptional possibilities. Our city has has seen over 2.5 million sq ft of floor space of office 7 seen an impressive trajectory of development across accommodation completed or under construction; almost sectors ranging from hotels, office accommodation, 5,000 purpose built student accommodation beds have Belfast Region City Deal cultural venues and visitor experiences, education space been completed or under construction; and to support 10 and student and residential accommodation. the growing tourism market, 1,500 hotel beds have been completed; and approximately 5,000 residential units Northern Ireland Real Estate Market We’re committed to taking Belfast to the next level. for the city centre are at various stages in the planning 12 The £850 million Belfast Region City Deal will see process. investment in innovation and digital, tourism and Opportunities regeneration, infrastructure and employability and skills Additionally, there are over 40 acres of major mixed-use 14 across 22 projects. These projects will be underpinned regeneration schemes currently in progress, including by investment in employability and skills which will Weavers Cross (a major transport-led regeneration accelerate inclusive economic growth, significantly project) and significant waterfront developments. increase GVA and create up to 20,000 new and better jobs across the region. As a city with unrivalled growth potential, we look towards an exciting future for all in which to live, work, learn, play Strong collaborative leadership is key - and we’re leading and invest. by example in the Belfast Region. I’m delighted to showcase Belfast’s investment Belfast City has an extensive track-record in real opportunities with you. estate development. During the last five years, Belfast 5 Belfast at a Glance 2nd fastest growing knowledge economy in the UK1 Ranked 2nd European mid-sized city for FDI strategy2 Scotland Belfast Ranked 3rd European Ireland Wales England mid-sized city of the future for economic potential3 Capital of Northern Ireland Belfast region population 1 million Population under 30 years old 43% Access to ultrafast broadband in households 92% Telecoms link between Northern Ireland, Europe and North America 100 GB (per second) 1 Source: Connect Knowledge Economy Report / 2018 2 fDi Intelligence 2020/21 3 fDi Intelligence 2020/21 7 Reasons to Invest in Belfast Key Sectors Creative & Digital Financial & Location Professional Services You can reach London in 60 minutes by air whilst Dublin is 90 minutes away by car with regular bus and train services between the two cities. High Growth Clusters ONE OF THE FASTEST #1 GLOBAL DESTINATION Belfast is home to thriving clusters of high growth companies, with significant strengths in creative and digital, financial and professional services, cyber GROWING CREATIVE FOR FINANCIAL technology and advanced engineering and manufacturing. CLUSTERS IN THE UK TECHNOLOGY INVESTMENT Cost Effectiveness Belfast is a top 10 city for cost effectiveness with office rents half those of Dublin and one third of London rental charges. Prime yields in Northern Ireland for high street shops stand at 6% and offices 5.75%. Compare that to a UK average of 4.25% and 4%; and Republic of Ireland averages of 3.15% and 4%. Salary costs are one third lower than other major western European capitals. Quality of Life Belfast has been ranked in the top six cities in the UK for having the best quality of life. It’s among the cities with the lowest cost of living in the world. Northern Ireland’s rating for life satisfaction is above the UK average. In 2020, Lloyd’s named Northern Ireland as the happiest place to live in the UK. Creativity is part of Belfast’s DNA. Whether it’s film, TV, sound Digital capability and access to outstanding talent means production or state of the art virtual and augmented reality, that Belfast is now home to a diverse range of financial and Technology & Innovation Belfast’s creative companies are making their mark globally. professional services companies. Over 20,000 people are Belfast is the second fastest growing knowledge economy in the UK and home to employed in this sector by globally recognised brands such as A young population and highly skilled workforce ensures there is a Allstate, Allen & Overy, Baker McKenzie, Citi, Fujitsu and Mercer. globally recognised research centres in secure information technologies, cognitive wealth of talent available across the film, animation, music, mobile, They sit alongside a rapidly growing cluster of FinTech companies. robotics, renewable technologies and cancer research. gaming, and TV subsectors. This represents a diverse and easily accessible supply chain for the creative and digital industries. Belfast is the top European city for new FDI software development projects and in the top 3 Fintech locations of the future after Talent Belfast’s reputation as a location for film and television production London and Singapore. has grown significantly in recent years. The city has been able to Northern Ireland was the top performing region in the UK for GCSEs in 2018. 28,000 call itself home to major TV and film productions such as HBO’s Belfast is one of eight UK financial centres and its specialisms full-time students study at Belfast’s two main universities. Game of Thrones, The Fall, Krypton and Line of Duty. include asset management, fund administration, operations, risk, regulation and compliance. Belfast is one of the fastest growing creative clusters in the UK and home to over 1,600 companies employing 20,000 people. A pipeline of over 5,000 graduates across relevant disciplines such Track Record as finance, accounting, economics, law and computing provide a ready supply of skills and talent to support this growing sector. 900 international companies are located in Northern Ireland, employing over 100,000 people. 71% of new investors reinvest. 9 Cyber Security Advanced Engineering Hospitality & Tourism Life & Health Sciences & Manufacturing #1 INTERNATIONAL 8TH LARGEST NO.1 REGION IN THE NO.1 EUROPEAN INVESTMENT LOCATION AEROSPACE REGION WORLD TO VISIT IN 2018 DESTINATION CITY FOR FOR USA CYBER SECURITY IN EUROPE NEW MEDICAL SOFTWARE DEVELOPMENT PROJECTS DEVELOPMENT PROJECTS Belfast is recognised as a global centre of excellence. A powerful Belfast is steeped in a rich engineering heritage that’s brimming Voted the world’s number one destination for 2018 by Lonely Belfast is Europe’s leading destination for new medical software combination of the city’s talent, innovation, resilience and with knowledge, skills and experience. The region is Europe’s Planet, 2019 was a record year for business tourism sales with 112 and is a pioneering centre for new technologies in life and health pioneering research developed over the last three decades is eighth largest aerospace region, and Belfast is a global leader new conference and events secured for the city for future years, sciences. Strong relationships between industry and the city’s priming Belfast for success. in advanced manufacturing and engineering, with the sector up 47% on the prior year. prestigious universities have produced pioneering research and contributing £1 billion to the local economy annually. many new discoveries. Belfast is now the world’s number one destination for In 2019, Belfast welcomed over 275,000 cruise visitors on 146 US based cyber tech investment. With over 1,700 people currently With a long tradition of excellence in heavy industry and cutting- cruise ships, an increase of 28 ships from 2018. Belfast Harbour The Centre for Cancer Research and Cell Biology at Queen’s employed in tech related jobs, the city is fast becoming a global edge research, Belfast is proud to be called home by Spirit opened a new cruise terminal which provides the first dedicated University Belfast has revolutionised cancer research, while the hub for cyber security. AeroSystems. As a result, the city occupies a pole position in facilities for cruise ships on the island. The city is also home to Connected Health Innovation Centre at Ulster University leads aerospace engineering. Titanic Belfast, named the Best International Experience in 2018. transformational projects to align care needs with technology International companies like Capita, IBM, AlertLogic, Proofpoint, providers, researchers and clinical experience. Whitehat, Rapid7 and Synopsys have set up in Belfast, whilst Research and development are at the core of Belfast’s growth Tourism contributed £2.7 million per day in 2018 to the region’s the city is also home to the Centre for Secure Information in the manufacturing sector. These areas are strategically economy, and the city saw 1.7 million overnight stays. Belfast has Andor Technologies is renowned for building the world’s most Technologies (CSIT), the largest cyber security centre in Europe supported through The Northern Ireland Advanced Composites & added more than 3,000 additional hotel bed spaces across the advanced scientific cameras used in medical research and and recognised by Government Communication Headquarters Engineering Centre to support innovation through collaboration. city between 2015 and 2017, with 1.14 million room nights sold in space exploration and Heartsine is a world leader in emergency (GCHQ) as