With origins that can be traced back more than 1,000 years, Dublin is a veritable treasure trove of historical artefacts and architecture. Alongside its historic tourist attractions, Dublin is a hub of industry, attracting business and investment from Ireland, the UK and EU territories. Throughout history Dublin has held special significance in this regard, being a natural convergence point between these continental powers and waterways. Read on to discover how business in Dublin is intertwined with its ancient past.
Logistics and Trade
Since it was first settled (officially recognised as 988 AD by the Irish government), sea-faring trade has been key to Dublin’s economy. Indeed, Dublin’s Viking past is indicative of its geographical desirability, with the River Liffey providing a direct route into the mainland from the natural C-shaped inlet of Dublin Bay. The ease of movement between Dublin, Great Britain and Scandinavia (and, ultimately, the rest of the world) cemented the once humble settlement’s significance in terms of culture, trade and travel.
Today, Dublin Port remains a vital component of the city’s economy, bringing in tourist trade and shipping vast quantities of export goods. In 2020, the port oversaw the export of over 15 million tonnes of goods, and, despite the impact of coronavirus, the movement of almost 900,000 passengers. The organisation of Dublin Port has existed since 1707 and is inextricably linked to the city’s growth and development. In fact, one of the port’s oldest structures, the Great South Wall – one of the longest sea walls in Europe, was constructed in 1753 to provide additional protection to ships heading for the docks.
Forecast to be one of the fastest growing sectors in the city, logistics and storage plays an important role in ensuring the continued prosperity of business in Dublin. The port and docks are also supported by the trade and tourism brought into the city via Dublin Airport, which is due to expand with the addition of an extra runway in the pipeline. Furthermore, a plethora of logistics companies have offices or headquarters in the city, meaning Dublin’s prominence in the industry is unlikely to fade anytime soon.
Technology
Not all of Dublin's modern industries are inherited from its ancient past. Since IBM established its first Irish subsidiary office in Dublin in 1956, the city's love affair with computing technology has gone from strength to strength. Today over 37,000 people in the city are employed in the technology sector and, as more and more tech companies choose to house their European headquarters there, that number is set to increase. In fact, so many technology companies have chosen Dublin as their home that the city now has its very own 'Silicon Valley' - the 'Silicon Docks'. Since industry giants such as Facebook, Google and LinkedIn installed their offices in the area, countless other businesses and start-ups followed suit, and the area is now teeming with tech companies and modern office spaces.
Primarily located around Grand Canal Dock, the 'Silicon Docks' area has undergone significant development in recent years. The docks were designed by renowned civil engineer, William Jessop, and first opened in 1796 - at the time being the world's largest docks. Due to the advent of the railway, the canals and docks soon became obsolete, and by the 1960s were in a serious state of disrepair. Due to unchecked industrial use of the area, with chemical factories, coal piles and gasworks existing on the site for many years, the docks were labelled too toxic to sell in 1987. Ultimately, however, the land was sold and then decontaminated between 2002 and 2006, following which numerous corporate and residential structures were developed in the vicinity.
In addition to its swanky technology-orientated office spaces, Dublin appeals to burgeoning tech start-ups with its start-up friendly ecosystem. At the end of 2020, Dublin was ranked the ninth best and biggest start-up city in Europe, and it's not hard to see why. In early 2020 the Irish Government allocated over €869 million to research and development, signalling the country's investment in the future role of technology for creating jobs and growth. This funding also contributes to the Knowledge Development Box tax relief scheme, which supports companies owning or utilising R and D related assets. Furthermore, corporation tax in Ireland is among the lowest in the world, coming in at 12.5%, and, to make the prospect of setting up businesses even more attractive, the country was ranked in 2020 as the best in the EU for ease of paying business taxes. In short, Dublin is an ideal prospect for tech start-ups, and the competition generated by the arrival of major corporate headquarters in the city makes further investment by international competitors seeking to establish their European headquarters nearby highly probable.
Cultural Heritage
As with other booming business cities, Dublin owes much of its commercial appeal to its vibrant culture. Cities boasting a good quality of life for its residents and employees are hugely appealing for investing companies, and in terms of a diverse range of attractions and historical sites, Dublin has plenty to shout about. For recreation, residents and visitors staying in one of the many Dublin serviced apartments are spoilt for choice. Key historic buildings, including the General Post Office (which played a crucial role in the Easter Rising), Dublin Castle, and, of course, the Guinness Storehouse, are dotted across the city, as are a plethora of ancient pubs and taverns filled with idiosyncratic character. Furthermore, world class sports venues such as Aviva Stadium and Croke Parke mean spectator action on an international scale is never far away.
These venues also contribute, in no small way, to the city's economy - especially the tremendous levels of tourism the city experiences. Indeed, prior to the pandemic, the arts and recreation sector in Dublin was growing at a rate above the EU average. Thanks to the Arts Council's investment of €130 million across Ireland, these key cultural and tourist sites will continue to prosper throughout the years of recovery following COVID and beyond.
Now more than ever, the Irish capital has plenty to offer investors and business travellers heading to Ireland. Discover some of our finest Dublin serviced apartments today and begin your corporate trip to the Emerald Isle with SilverDoor.
