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Report details economic benefits of marinas 19 July 2007

The Department has received a report outlining the estimated benefits of the marina development plans it is currently progressing.

Prepared by Fisher Associates, the report also contains estimated benefits from schemes that, in Fisher Associates’ opinion, could be developed alongside the existing schemes if desired.

The estimated benefits have been prepared using Fisher Associates’ knowledge and experience of the marine leisure industry, along with input from Treasury’s Economic Affairs Division.

Director of Harbours Captain Michael Brew explained:

‘The recently announced change in the Island’s Common Purse Agreement with the UK has required a different format of economic benefit to be developed. It is apparent that the planned marina developments will bring significant economic benefit to the Island and the early signs of this can already be seen around Douglas and Peel Inner Harbours.
‘This benefit will show as direct income from the users of the marina berths, both resident and visitors, but the development of associated support services, for example maintenance, supplies, shops, restaurants and bars, will generate greater economic activity, including jobs.’

Fisher Associates is an experienced and knowledgeable economic consultancy that has been involved in a number of marine leisure developments, including those in Dun Laoghaire and in the North West of England. Further information can be obtained from Fisher Associates.

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