The initiative has been officially launched after the multi-million pound deal was signed today, 21 November.
The agreement paves the way for investment in innovation, internationalisation, digital connectivity and infrastructure across the region.
In addition to the UK and Scottish Government's investing up to £250m, Aberdeen City Council, Aberdeenshire Council and local partners are committed to investing up to £44m.
A number of projects are supported by the programme, including 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.
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An average of 3,300 new jobs will be generated over the deals lifetime, with annual tax revenues to the Government of £113m from income tax, national insurance, VAT and oil tax revenues.
City Council Leader 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 £1billion capital programme which will improve opportunities for individuals and businesses in Aberdeen, whilst providing a solid foundation for the region as a whole."
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