Transport for London has secured a £36M deal with Emirates Airline for sponsorship of the London cable car scheme.
Under the 10 year deal, the new link currently being built by Mace between the O2 venue at North Greenwich and the Royal Victoria Dock will be known as the Emirates Air Line.
The scheme has been championed by London mayor Boris Johnson, who helped to fast track the project. Speaking at the announcement of the sponsor, he said:“The UK’s first urban cable car will act as a vibrant catalyst for the further regeneration of east London helping to attract jobs and investment for the benefit of Londoners.”
TfL has said that the sponsorship deal with Emirates forms part of the funding strategy to recoup the upfront construction costs provided for the link and provides 80% of the £5.5M overall construction cost as well as the operating costs. Construction work on site began in May this year and is expected to be completed next summer when the 1.1km link across the Thames will have the capacity to carry 2,500 passengers an hour at peak. TfL has estimated that the Air Line will carry 2M passengers a year.