The Lanarkshire AI Growth Zone has secured a landmark £300 million investment package, marking a “milestone” in its creation. The growth zone was announced by the UK Government in January.
Backed with more than £8 billion of private investment, the UK Government has said it could bring 3,400 jobs to the area over the coming years.
Investment package details
On Tuesday, it was announced that Lanarkshire’s Growth Zone has secured a major investment package, including a £202 million guarantee from the National Wealth Fund, helping unlock a total £300 million financing package from ING, ABN AMRO, Santander, the Scottish National Investment Bank and Siemens Financial Services.
The money will enable developer DataVita to expand its existing DV1 datacentre and construct a second, the UK Government said.
Dell Technologies moves to AI Innovation Park
It was also announced that Dell Technologies will move to Lanarkshire’s AI Innovation Park, which will be the new home for the company’s Scottish team.
“This investment marks a milestone in the creation of Scotland’s first AI Growth Zone in North Lanarkshire,” Scottish Economy Secretary Stephen Flynn said. “I welcome the economic growth it is set to deliver across the region - including more than 3,400 new jobs and private investment totalling more than £8 billion.”
He added: “The Scottish Government’s AI Strategy sets out a clear plan to harness the economic and social benefits of AI to help ensure we translate our innovation and expertise into more businesses, jobs and investment.”
Government and business reaction
The UK Government said the announcements were a major boost for Lanarkshire and Scotland.
“AI is already helping scientists discover new medicines, supporting better public services and helping businesses get more done,” UK AI minister Kanishka Narayan said. “The countries that build the infrastructure behind this technology will be the ones that attract investment, create jobs and help shape the industries of the future.”
Mr Narayan continued: “That’s why today’s announcements matter. They will help ensure Scotland is at the forefront of one of the biggest economic opportunities of our time, bringing investment, reindustrialisation and opportunities to communities like Lanarkshire.”
For local people, Mr Narayan said the investment meant the chance to develop new skills, access new careers and benefit from the growth and investment that AI can bring.
UK Business Secretary Jonathan Reynolds agreed that the announcements were “proof” that the AI Growth Zones were playing a part in reindustrialising Britain.
“By using the National Wealth Fund to unlock private finance, we’re transforming Scotland into an AI powerhouse - delivering high-skilled jobs, training, and new opportunities that people can access on their doorstep,” Mr Reynolds said.
Progress and next steps
Work at the Lanarkshire AI Growth Zone is already under way. The UK Government said the site remained on track to be among the first AI Growth Zones in the UK to have cutting-edge chips installed.
