Singapore, London and...Edinburgh - Scottish capital is 'best in class' as most investable global city
The Scottish capital has ranked highly in a new global tracker of 63 cities which points to the area’s booming financial sector and quality of life.
The full City Competitiveness Redefined Tracker from sustainable development consultancy Arup - which has put Edinburgh on equal footing with London and others including New York, Singapore and Vancouver - is published today.
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Hide AdThe report suggests cities and industry bodies now need to think beyond traditional metrics such as economic performance or transport infrastructure if they are to continue to attract inward investment.
Authors have warned that cities must focus on issues including climate change and shifting demographics to remain competitive in the long term.
Edinburgh will be praised in the report because of its digital infrastructure, high quality of life, range of leisure activities and its variety of green space. In short - the city is popular to live and work in, and should be considered as a site of opportunity for potential investors.
Vicky Evans, Arup’s Cities, Planning and Design Leader for UK, India, Middle East and Africa said: “Edinburgh is one of the most attractive cities in the world to live and work. But to remain among the best performers in the world in the future it needs to make sure its infrastructure can cope with that high demand for new residents and tourism.
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Hide Ad“Building resilience to every aspect of its infrastructure – from the changing climate to energy and water security – will be vital for making that happen.”
The index measures 63 cities against 37 ‘future success’ indicators, a quarter of which are climate-related. The result, Arup believe, is a tracker which balances investor attractiveness, infrastructure, liveability and lovability, and urban management governance.
Mark Watts, executive director at C40 Cities - a global network of mayor’s working to tackle the climate crisis, said: “This new tracker shows how boosting resilience is a win-win for cities and their residents.
“This tracker goes beyond just telling them what they are already doing well and shows the direction they need to take to remain attractive to investors.”
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Hide AdWhilst Princes Street has suffered in recent years from high-street brand names leaving the area, new developments both at Haymarket to the west of the city centre and around St Andrew Square and the £1 billion St James Quarter shopping district and hotel have attracted investment and renewed optimism.
Work to restore storied Edinburgh department store Jenners, now owned by Danish billionaire and Scottish landowner Anders Holch Povlsen, continues apace to bring the grand Victorian structure back into use as a store and hotel.
In the summer, the Investment Attractiveness Index, produced by law first Wright, Johnston & Mackenzie (WJM) and Irwin Mitchell, saw Edinburgh overtake Greater Manchester as the most attractive site outside of London for foreign direct investment.
Fraser Gillies, managing partner at WJM, said: “We spelled out some concerns last year about investment levels in Scotland from overseas, so it is encouraging to see Edinburgh is back on the rise. From my perspective, I can only hope that other city hubs such as Glasgow and Aberdeen soon follow suit.
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Hide Ad“Often working in the city, it is clear to see Edinburgh’s strength lies in its infrastructure, skilled workforce, and competitive marketplace across the financial services industry, with over 30,000 people working in the sector.
“With a sophisticated supply chain and a growing specialism in financial technology (fintech), it’s no surprise to me that it has again become such an attractive proposition for investors.”
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