ASM Global has agreed a deal with Sage for the financial services company to take on naming rights to the new arena and conference centre development on Gateshead Quayside.

The wide-ranging development, which is scheduled to open in 2024, will span 54,500 square metres and will be anchored by a 12,500-capacity multi-purpose arena. The Sage will look to support the region’s businesses by unlocking access to new customers and international markets through commercial and promotional opportunities.

The business and entertainment district will be the largest of its kind in the North East and it is estimated the project will provide a £70m (€84m/$93.6m) annual boost for the local economy, creating 2,000 jobs.

The Sage will sit between the BALTIC Centre for Contemporary Art and the Sage Gateshead music centre. The partnership with Sage was brokered by AEG Global Partnerships, a division of ASM Global.

The Sage will give priority to local suppliers and contractors, while partnering with local education institutions and supporting local businesses with workspace options and opportunities to showcase their products and services globally.

A Sage ‘green access’ pass will also ensure local residents have the chance to attend events they would not usually be able to. The venue will host a range of festivals and cultural events, while a source for the project has previously told TheStadiumBusiness.com that boxing, darts and basketball are among the sports that could be staged at the arena.

Sage provides accounting, financial, HR and payroll technology for small and mid-sized businesses. The company was founded 40 years ago by Newcastle University graduates and recently opened a new £20m global headquarters at the Cobalt Business Park in North Tyneside.

Steve Hare, chief executive of Sage Group, said: “Sage’s heart has always been in the North East, and today’s announcement embodies our purpose – to knock down barriers so everyone can thrive. The Sage brings the world to the North East’s front door, providing a platform to celebrate the region’s brilliance.

“We are committed to making sure that The Sage is an inclusive venue by giving access to all, no matter their background. We believe it will unlock the huge potential the North East has, attracting greater investment and innovation.”

Tom Lynch, senior vice-president, Europe for ASM Global, added: “This ambitious and transformational development will create a genuinely unique events campus with an iconic waterfront location, so it is fantastic to be teaming up with an equally iconic North East brand in the form of Sage.

“ASM Global has enjoyed over 25 years of success in the North East and we look forward to joining forces with Sage to take live entertainment, conventions and exhibitions to new heights, and cement the region’s reputation as a sought-after business, leisure and cultural destination.”

The Sage has been brought forward by Gateshead Council with its development partner Ask:PATRIZIA, which has appointed BAM Construction to build the scheme. The development has been designed by HOK Architects and a full start on site is anticipated in the coming weeks after enabling works commenced last month.

The Sage will join ASM Global’s portfolio of UK venues which includes Newcastle’s Utilita Arena, Manchester’s AO Arena, Leeds’ First Direct Arena and The SSE Arena, Wembley.