Construction is set to soon start on Universal‘s U.K. theme park and resort, which will create 28,000 jobs and boost the British economy by nearly £50 billion ($67bn).

In details released to The Hollywood Reporter on Wednesday, Comcast NBCUniversal is confirmed to invest over £5 billion ($6.7bn) in the newly-named Universal United Kingdom Resort throughout its five-year construction, as well as an additional £1 billion ($1.3bn) in capital investment over its first 10 years when finally open — which is expected to be in 2031.

The U.K. government will invest another £1.3 billion in regional and local community infrastructure, the department for culture, media and sport (DCMS) has said, “to ensure the park can operate successfully.” This will include improved transport links for local residents and visitors from across the U.K. and abroad.

The deal between the British government and Comcast is one of the largest-ever investments in the U.K. tourism sector, boasting nearly 20,000 new jobs during construction and a further 8,000 jobs in operation.

It is also the brand’s first major destination in Europe. The “world-class” theme park and resort is expected to generate nearly £50 billion for the U.K. economy by 2055 through millions of annual visitors.

With enabling works on the site now in progress and construction soon to begin in Bedfordshire, just outside of London, the news released Wednesday marks a “significant milestone” in Universal advancing the project. Approximately 80 percent of employees at the theme park and resort are expected to come from Bedfordshire and the surrounding regions, they added.

To mark the milestone, Chancellor Rachel Reeves and Culture Secretary Lisa Nandy hosted Brian Roberts, chairman of the Comcast Corporation, and Mark Woodbury, chairman and CEO of Universal destinations & experiences, at 11 Downing Street to unveil the name and logo for the theme park and resort.

Reeves visited the site on Wednesday, where she met with Woodbury and other senior executives, as well as many of Universal’s new hires already based in Bedford.

“This historic partnership is a special moment for our company as we bring our first Universal theme park and resort to Europe,” said Roberts. “We have a long and proud history in the United Kingdom through Sky and NBCUniversal and look forward to creating a spectacular destination that supports the U.K. creative industries and brings joy to millions for generations to come.”

Nandy added that its put “rocket boosters under our entertainment industry.” She said: “This unparalleled investment is a huge vote of confidence in the U.K… When it comes to creating world-class experiences, the U.K. is second to none. We’re proud to be backing British industry, investing in local talent and partnering with powerhouses like Universal to create jobs, growth and opportunities.”

As part of its total £1.3 billion investment, the government will provide a grant of £400 million through the exceptional Regional Growth Fund and the DCMS will provide a grant of £438 million to invest in new community infrastructure to “maximise the benefits of the development and support growth across the region.” These grants will only be paid once Universal has completed the community infrastructure (in the case of the DCMS grant) and officially opened the theme park and resort.