Aberdeen needs alternative investment now, says Sir Ian Wood

ONE of Scotland's richest men has warned that Aberdeen could leave a "depleted economic legacy" to future generations once North Sea oil runs out.

Oil tycoon Sir Ian Wood has said the city faces a "quite serious economic reverse" if it does not receive investment in alternative industries.

Mr Wood, who is currently working on a project to transform Aberdeen's Union Terrace, claims the city has already missed out on big public sector projects because of its oil cash. He said that the city is in need of redevelopment like that seen on Dundee's waterfront, Edinburgh's trams and Glasgow's 2014 Commonwealth Games.

Sign up to our daily newsletter

The i newsletter cut through the noise

Mr Wood said: "I see Aberdeen as having the potential to become an energy hub and evolve its oil and gas era into a long-term, more stable economic prospect.

"However, a significant negative in our international aspirations is the serious lack of investment in our city centre over the last 50 years.

"I don't want to be remembered as the North Sea oil generation that enjoyed the prosperity but left a depleting economic legacy to our children and grandchildren."