Global airline Emirates will sponsor London’s new cable car river crossing, to be known as the Emirates Air Line, in a ten year deal worth £36 million, according to London Mayor Boris Johnson.

Johnson said in a statement that the deal will help 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," Johnson said in a statement

The Emirates Air Line will connect north and south London, traveling between two new stations set to be named Emirates Greenwich Peninsula and Emirates Royal Docks.

Scheduled for completion in summer 2012, the Emirates Air Line will offer commuters and visitors majestic aerial views as they travel across the Thames and provide a much needed additional river crossing.

With a capacity to carry up to 2,500 people per hour in each direction in the peak, the Emirates Air Line will be the first of a package of measures to improve river crossings in east London. It is anticipated the Emirates Air Line will carry two million passengers per year.

The sponsorship deal secured by the Mayor and Transport for London (TfL) will see Emirates provide significant private sector investment to this new transport scheme totaling £36m.

"The Emirates Air Line will be a key element of the Mayor’s vision to transform east London into a bustling metropolitan quarter teeming with new businesses, entertainment and leisure facilities supported by world-class transportation," the statement said.

Creating a direct link between the O2, Europe’s biggest entertainment venue, and ExCeL, the UK’s largest exhibition centre, the Emirates Air Line will also provide an additional interchange between the DLR and Jubilee line.

Both areas surrounding the Emirates Air Line have been earmarked for a number of regeneration projects with the Royal Victoria Docks selected as one of the new Local Enterprise Zones.

The Emirates Air Line will play a key role in supporting these regeneration projects by providing a faster and more direct link, taking just five minutes to cross the river.

It will also provide local communities access to a range of entertainment, job and leisure opportunities that are set to become available as part of the regeneration.

“As one of the world’s most innovative airlines, the link with this new form of air travel in London is a perfect fit for us. The Emirates Air Line will take off as an iconic landmark for London. We are always looking for new ways to support the communities we serve and what better way than to bring this ground-breaking transport scheme to residents and visitors alike.” Tim Clark, president of Emirates Airlines said.

The announcement of the sponsorship agreement comes after an open and competitive process by led by TfL. The £36m sponsorship deal with Emirates forms part of the funding strategy to recoup the upfront construction costs provided for the link and provides 80 percent of the overall construction cost.

Mace has been selected as principal contractor to build the cable car and operate it for three years. Mace will lead a consortium of experts, including the cable car specialists, Dopplemayr, and Watson Steel, URS Scott Wilson, Buro Happold and Aedas. The cable car has been designed to the highest standards by Wilkinson Eyre.