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The National Assets Management Agency (NAMA) is to develop a string of new commercial, infrastructure and residential projects focused on Dublin’s Docklands, its Frank Daly, told the AEJ.

Addressing the Association on Thursday, February 21st, he said the agency’s nationwide plan to invest €2 billion in completing projects up to 2016 will primarily address a shortage of quality office accommodation in the capital’s Docklands area and elsewhere. It is also designed to assist the on-going expansion of the financial services sector and the development of new business and technology hubs, the agency said.

Mr Daly said: “We hold security over a considerable number of properties and lands on both sides of the river Liffey and are currently assessing the commercial feasibility of a wide range of projects – not least those in the undeveloped part of North Wall Quay in the north Docklands.”

Although Mr Daly said that Nama’s over-riding objective was to obtain the best financial return for the State and that all other objectives, “no matter how worthy”, would be subservient to this objective. He added that “we are committed to supporting initiatives for the common good”.

“The Dublin Docklands has been a marked success from an investment perspective, already accommodating over 40,000 employees in the technology, banking, financial, commercial law and other service sectors.

“The area is expected to require significant new development over the medium term, particularly of commercial office space, to accommodate the continued expansion of the financial services sector and the creation of new business and technology hubs in the wake of the move by companies such as Google and Facebook to the area,” he said.

Nama’s investment plan is linked to the resolution of planning and infrastructure issues in Dublin and elsewhere.