Northern Island’s Belfast Harbour has unveiled a strategy programme to invest more than £300 mill in capital projects across the port and harbour estate over the next five years.
The strategy – ’Advance Regional Prosperity 2025-2029 ‘– outlines Belfast Harbour’s plans to invest £208 mill in port improvements and £105 mill in the ongoing regeneration and development of the Harbour Estate and waterfront.
As a Trust Port, Belfast is self-financing and invests all post-tax profits in developing the port and estate to benefit the city and region.
The strategy includes the largest single capital project yet undertaken by Belfast Harbour, a proposed £90 mill investment in a new deepwater quay, which will be able to accommodate some of the world’s largest cruise vessels and also expand the port’s capacity and capabilities for offshore wind turbine assembly and installation.
Stage one of the deepwater quay project, which will initially support cruise tourism, is expected to be delivered by 2027/28. Through the project, Belfast Harbour aims to boost cruise tourism to the region, currently worth an estimated £20/25 mill to the local economy annually.
Stage two of the deepwater quay project, due by 2030, will further strengthen the infrastructure, so that the port can play a leading role in the assembly and installation of the next generation of floating offshore wind turbines.
While this part of the project is dependent on additional investment or third-party funding, Belfast Harbour is confident that when complete, it will position the port and local supply chain as central to the deployment of high-capacity wind farms, helping meet demand for clean energy as Northern Ireland, Great Britain and Ireland strive to reach net zero targets.
The new strategy has four key objectives: to enable economic growth; to develop and improve the port; to create vibrant places to live and work; and to innovate for a better tomorrow – with the overarching objective of accelerating to net zero embedded across all activities.
Other significant port projects outlined in the strategy include the delivery of new, sustainably powered cranes, the planning, design and consent for a rebuild of Stormont Wharf – the port’s main deepwater berth, the construction of new BREAAM Excellent sustainable warehouses and the deployment of autonomous vehicles across the port and estate.
Investment in the Harbour Estate will include the £60 mill development of City Quays 5, a mixed-use regeneration project including office, retail, hospitality and exhibition space. There are also plans to move forward with the City Quays 4 housing scheme.
This strategic plan and investment programme is in addition to the £374 mill of investments made by Belfast Harbour in the past decade.
Dr Theresa Donaldson, Chair of Belfast Harbour Commissioners, said: “Through this strategy Belfast Harbour will continue to contribute to the growth of the NI economy. By investing £313 mill, we will build on our strengths as the region’s leading port and a vital economic hub, delivering for our customers and tenants.
“We will continue our pioneering efforts to diversify and de-carbonise, helping to re-imagine and regenerate the city and bring additional prosperity to the region. Crucially, we will enhance our reputation as a leading port for cruise tourism and leverage our expertise as the only port on the island with offshore wind facilities.
“As a Trust Port, Belfast Harbour reinvests every penny of post-tax profits back into the business and the community, ensuring long-term value for the region. Our investment to date has created jobs, strengthened supply chains, raised sustainability standards and attracted major foreign investors to the city. Our 2025/29 strategy aims to continue this transformation and advance prosperity for the region,” she said.
Joe O’Neill, Belfast Harbour CEO, added: “Belfast Harbour’s goal is to drive regional prosperity by developing the port and estate, so that everyone benefits. This strategy will see us optimise our strengths, innovate for growth, and invest in new opportunities that meet the needs of our customers, tenants and communities.
“The addition of a new deepwater quay will not only add to the around 300,000 cruise visitors welcomed by Belfast Harbour each year, it also gives us the opportunity to expand our capacity in the assembly and installation of offshore wind. This strategy will put Belfast Harbour at the forefront of the clean energy transition.
“Our strategy will also support the NI Executive and Belfast City Council to tackle key issues, including the supply of housing, responding to climate change and helping grow a more sustainable and globally connected economy,” he said.
Conor Murphy, Northern Island’s Minister for the Economy, commented: “I welcome the plans for investment in the Port and the Harbour Estate, which Belfast Harbour has detailed in its new strategy.
“The proposed investments support my department’s strategic objectives of creating good jobs and reaching net zero by 2050 and will provide tangible benefits for the economy. Investment in new facilities that will advance the energy transition, as well as improving the attractiveness of the port as a cruise destination, shows Belfast Harbour’s commitment to generating a prosperous future for all,” he said.
Cat McCusker, President of Northern Ireland Chamber of Commerce and Industry (NI Chamber), said: “Belfast Harbour is to be commended for its ongoing commitment to investments which not only enhance its own business but also support the broader development of our economy and improve the lives of people across Northern Ireland.
“There is no doubt that Belfast Harbour will be leaders in the collective drive to advance the prosperity of the region in the years ahead and at NI Chamber, we look forward to seeing the positive impacts come to fruition,” she said.
