Emirates airline will sponsor a new Thames cable car river crossing to be completed by next summer.
The crossing, to be known as the Emirates Air Line, will connect north and south London in the Docklands area, creating a direct link between the 02 Arena in Greenwich and the ExCel exhibition centre. It will run between two new stations, set to be named Emirates Greenwich Peninsula and Emirates Royal Docks.
Emirates will sponsor the crossing in a 10-year deal worth £36 million. The project is expected to cost £60 million, and Transport for London will look to meet the funding shortfall by applying for a grant from the European regional development fund, secondary sponsors, retail opportunities at the two stations, and income from fares.
The cable car service will be able to carry up to 2,500 people per hour in each direction at peak times. It is anticipated that it will carry two million passengers a year.
London Mayor Boris Johnson said: "This multi-million pound deal is tremendous news for London, helping us to deliver a new addition to the city's skyline.
"The Emirates Air Line will be an exciting and innovative mode of transport easing travel for thousands and offering spectacular bird's eye vistas of our majestic Thames.
"The UK's first urban cable car will also act as a vibrant catalyst for the further regeneration of east London helping to attract jobs and investment for the benefit of Londoners."