It will also host seven Olympic and five Paralympics events during the 2012 London games.

This was revealed as London mayor Boris Johnson officially launched the commencement of work on Phase 2 at the venue.

Excel CEO Kevin Murphy believes the new development will bring £1.6b into the capital by 2011, and, more importantly, allow the venue to offer its clients 100,000sqm of space and accommodate up to 5,000 guests for a banquet by the time of its completion in spring 2010.

Murphy said: "During the last eight years with the support of our partners we have created a truly great venue that has hosted more than 2,500 events. The private investment of £164m by our owners has now turned the development possibilities into a reality."

The new development will also produce an additional 1,400 jobs at the venue, while also supporting 38,000 in the events industry by 2010.

Johnson added: "This is a venue that will be filled with as much sport asthere will be in the new Stratford arena."