Aberdeen City Council said the £250 million Aberdeen City Region Deal has been signed — and that the agreement’s value could be worth up to £826 million once private sector and other investment is factored in.

Aberdeen Council said the terms of the deal commit both the UK Government and Scottish Government to jointly investing up to £250 million.

Aberdeen Council, Aberdeenshire Council and local partners are committed to investing up to £44 million over the next decade.

The council said the 10-year deal “paves the way for investment in innovation, internationalisation, digital connectivity and infrastructure across the region.”

It said the deal is designed to act “as a catalyst for economic growth and diversification, with partners announcing that estimates suggest the Aberdeen City Region Deal’s total value could be up to £826 million once private sector and other investment is factored in.”

The Aberdeen City Region Deal encompasses a number of projects.

It will support The Oil & Gas Technology Centre, a digital infrastructure fund and the proposed expansion of Aberdeen Harbour.

A Bio-Therapeutic Hub for Innovation, Agri-Food and Nutrition Hub for Innovation and a Strategic Transport Appraisal are also part of the programme.

The deal “has the potential to create an average of 330 new jobs per year in the region, aggregating to 3,300 new net jobs over its 10-year lifespan,” said the council.

The Aberdeen City Region Deal agreement was developed over the last two years as a partnership between the UK Government, Scottish Government, Aberdeen City Council, Aberdeenshire Council, Opportunity North East, Scottish Enterprise and other local partners.

Aberdeen City Council leader, councillor Jenny Laing, said: “The signing of the Aberdeen City Region Deal marks the final stage in the process of bringing the deal to fruition — but also marks the beginning of a long-term programme designed to make a positive impact on our region and its economy, bringing benefits now and for generations to come.

“Aberdeen City Council is driving unprecedented transformation in our city and the projects supported by the deal will have an important part to play in our vision.

“We are in the midst of delivering ambitious £1 billion capital programme which will improve opportunities for individuals and businesses in Aberdeen, whilst providing a solid foundation for the region as a whole.”