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Dublin shipping investment 'could create jobs'

30/08/13

The ongoing efforts to rehabilitate Dublin's status as a global financial and economic centre following Ireland's credit crash could be set to continue with an ambitious proposal to build an international shipping services centre in the form of a hub for the maritime industry in the city's docklands.

Dublin's Docklands are currently undergoing substantial investment, with areas such as Spencer Dock attracting a great deal of funding as developers attempt to drive urban regeneration across the Irish capital.

With IDA Ireland backing these plans from ISSC Dublin, along with the Irish Maritime Development Organisation, they could see a further major boost for Dublin.

According to the Irish Times, wealthy businessman Denis O'Brien - who has major interests in aviation finance through Aergo Capital - is the biggest investor behind the scheme, which could see the city attempt to build up its maritime network in a similar way to its air network.

CBRE surveyor Cormac Megannety told the Irish Times the companies involved are currently talking to landowners about what part of the city could be used, although the situation remains "delicate".

The shipping services centre "in Dublin docklands will become the prime location for shipping finance, leasing, innovative debt structuring products and specialist maritime services including securitising and listing," ISSC said.

Hopes are high that this will create more finance jobs in the capital, as well as highlighting its status as a potential hub for international firms planning to gain a foothold in the region.

Mr Megannety pointed out that Ireland's 12.5 per cent corporation tax rate was one attraction, noting that its tonnage tax is also a favourable one for businesses involved in the maritime industry.

He estimated that ISSC could also bring 2,500 ancillary jobs, in addition to 3,500 jobs directly, and take on some five per cent of the world's shipping traffic in a bid to rival other maritime hubs such as Hong Kong and Singapore.

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