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AEG Europe has been given approval by Edinburgh Council Committee to proceed with its planned 8,500-capacity arena in Edinburgh Park, with the venture expected to contribute £520m per annum to the local economy.

The City of Edinburgh Council announced the decision at noon today, 12 June, after the application was put forward with a recommendation for approval following an extensive initial planning consultation.

AEG said that once an external contractor has been appointed and financed raised, construction is proposed to begin in 2025 and will continue over the course of two years, with the aim of delivering the first event in 2027.  It is working with developers and site owners Parabola on the project, which will involve 18,500 square metres of regeneration in Edinburgh Park, to the west of the Scottish capital.

Once complete, the new arena is expected to attract more than 700,000 visitors each year, and create more than 1,000 operational jobs in and around the venue. The international venue owner and operator said its intention is to make Edinburgh Park the UK’s most sustainable arena.

AEG Europe real estate and development VP Alistair Wood said that as well as looking to appoint an external contractor, it is also seeking naming rights partners and finalising funding partners.

The company’s president and CEO Alex Hill said, “We are delighted to have been granted planning consent for a cutting-edge new venue for Edinburgh. Having worked closely with City of Edinburgh Council, we strongly believe the arena will deliver huge benefits to the city throughout every stage of the building’s life cycle – from development to completion, for years to come when we’re bringing the world’s best artists to the Scottish stage.”