High-quality tech and multilingual talent is readily available in Dublin. Add to this a rich tech startup ecosystem, 9 out of the top 10 global tech companies, a supportive business ecosystem including technology and research centres and an excellent quality of life and it’s easy to see how Dublin provides the perfect base to thrive. Why Ireland for Tech: 8 of the top ten Global software Companies 9 of the top ten US Technology Companies Top 3 Global Enterprise Software Companies 4 of the top 5 IT Services Companies
Dublin is a major global hub for fund administration, aircraft leasing, insurance and a range of wholesale banking activities.
Ireland is the 4th largest provider of wholesale financial services in the EU. It is a base for a wide variety of financial firms which are attracted by robust regulation and a strong skills base as well as excellent investment and tax incentives.
A combination of 12.5% tax and an exceptionally extensive and comprehensive set of double tax agreements with 62 countries makes Ireland a highly tax- efficient location. Such efficiency is particularly beneficial for international financial service operations. More information can be found from Enterprise Ireland and the IDA.
Nearly two-thirds of Irish CEOs expect their headcount to increase over the next 12 months (see graph below) and their intention to recruit is at an all-time high. However, given the challenges organisations are facing in finding skilled people and Ireland’s low unemployment rate, it remains to be seen if these recruitment plans are achievable.
This is an area in which Dublin is particularly successful. Ireland has a 65% share of the global leasing market and more than half of the world’s aircraft are now owned and managed in Ireland.
Irish Financial Services Centre
The centrality of the Irish Financial Services Centre (IFSC) to Dublin’s city landscape is a key reason for the concentration of financial institutions in Ireland’s capital. The IFSC was established by the government in 1987 in order to centralise a range of internationally traded financial services, such as banking, fund management and specialised insurance; it has expanded massively since.
Over time, the adjacent Docklands area of the city has developed as an expansion of the IFSC, extending on both north and south sides of the River Liffey and as far east as the 3Arena. Over 500 firms now operate within this area, including more than half the world’s top 50 banks and top 20 insurance companies.
Foreign Direct Investment
Since 2015, FDI investment in Financial Services in Dublin has risen dramatically. This trend is expected to continue as a result of UK-based financial services companies moving operations to Dublin in reaction to the prospect of Brexit.
source: fDi Markets
The Bank of America recently established its European Headquarters in Dublin and UK Banking giant Barclays has established its main EU Banking subsidiary in Dublin. Citibank and JP Morgan are also investing significantly in Dublin. (Source: Dublin Regional Enterprise plan 2020.)
Companies in this sector include:
As an export-driven economy on the periphery of Europe and the home of the European or EMEA headquarters for many global players, the transport and logistics sector is a significant and growing sector in Dublin. As the economy continues to grow and the shift to online retail continues, logistics and storage is expected to be the fastest growing employment sector in Dublin over the coming decade. This will be driven by demand for both passenger and freight transport and associated activities, including storage and courier services. The sector currently accounts for about 5.5% of total employment. Trends are predicted to spur demand for business managers, drivers, plant operators and
Dublin has long been famed for its vibrant arts and recreation scene. This sector accounts for almost 6% of all employment in the capital and has experienced comparatively faster growth than the EU average since 2011. This trend is expected to continue, boosted particularly strong growth in sports and recreation activities. Funding to support initiatives in the arts is available from bodies such as Creative Ireland, the Arts Council and Culture Ireland. The main bodies involved in the arts and recreation are: The Arts Council