Iceland review - 2015, Page 111

ICELAND REVIEW 109
plots available within Reykjavík Science City
for those who share its vision and collaborative
ethos. The available land could host buildings
ranging from 3,700 sq. meters to 8,360 sq.
meters.
“Such new builds are ideal for knowledge-driv-
en industries and residential housing,” says Óli,
who explains that available plots range from ready
to be built on to being in the development stage.
TOURISM – ICELAND’S RISING STAR
Another ripe investment opportunity within
Iceland is tourism. Since the year 2000, visitors
to Iceland have almost tripled, resulting in a mean
annual increase of 8.2 percent. There has been a
steady rise in tourist numbers and the proportion
of income from foreign tourists was 15.4 percent
of GDP in 2013, growing from just over 10 per-
cent in 2009.
These factors make Reykjavík an extremely
development at the City of Reykjavík, describes
some of the developments planned. “The govern-
ment has announced plans to build a new med-
ical treatment facility in the University Hospital.
We’re keen to develop partnerships and offer
opportunities to foreign companies to tap into the
expertise this medical facility will bring.”
INDUSTRY AND INNOVATION
The University of Iceland describes Reykjavík
Science City as an “association to strengthen col-
laboration with companies, research institutions
… as well as to create facilities for innovators.”
Companies within the park include deCode
Genetics, a subsidiary company of the U.S.
medical company Amgen, and Alvogen pharma-
ceuticals are set to build their new international
headquarters, production facility and technology
center within the park.
Currently, there are a number of development
attractive opportunity for those seeking to invest
in tourism. “We estimate that about 800 new
hotel rooms will open this year alone,” shares
Óli. Indications show that if tourism continues to
grow at 7 percent each year, Reykjavík will need
one hotel (200-400 rooms) every year until 2030.
Current major developments include a luxury
hotel by Harpa Concert and Conference Center
(250 rooms), the 16-floor four-star Höfðatorg
Tower Hotel (343 rooms), and Icelandair Hotel
Cultura (140 rooms).
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