Scotland's national indoor arena has reached a milestone after generating £25m in new funding.
Scottish Enterprise Glasgow will provide the funding to deliver the 12,500 seat arena.
The enterprise agency said the site would increase tourist numbers to the city and strengthen Glasgow's bid to host the Commonwealth Games in 2014.
Foster and Partners would design the £118m arena, near the Scottish Exhibition and Conference Centre.
Scottish Enterprise Glasgow's operations director, Stuart Patrick, said: "This arena is a vital new asset if the city is to continue to grow as tourist destination.
"We believe in economic terms it will have a significant positive impact for the economy of the city and the wider Glasgow area.
"It puts Glasgow in a leading position to capture a bigger share of the lucrative conference market particularly high-spending medical events."
"At the very least we estimate it will to inject an extra £35m per year into the local economy sustaining 1,400 new jobs and the latest figures commissioned by the SECC suggest the benefits will be even greater."
It is the first major development of the SECC's £570m development project which was granted planning permission last year.
As well as the arena plans for the site also include a new hotel, public space and housing.
Mr Patrick added: "One in five of the city's hotel bedrooms are currently filled by conference delegates and the arena gives us scope to significantly increase this figure.
"By 2016 we hope that visitors will be spending 60% more money in the city and this development will have a big part to play in achieving these targets."
Mike Closier, SECC's chief executive, said: "This part of the funding is fundamental to the construction of the arena and without this contribution from Scottish Enterprise Glasgow, Scotland would be deprived of a world-class arena."
Glasgow City Council has already earmarked £15m for the arena scheme and £1m will come from the EU.
The remaining £77m will come from private finance.