The Royal Docks is set to become a "world-leading" cultural hub under plans which could see £5 billion invested in Newham.

Mayor of London, Sadiq Khan, and mayor of Newham, Rokhsana Fiaz, unveiled the vision during the Royal Docks Originals festival yesterday (October 14).

The Royal Docks enterprise zone - a partnership between Mr Khan, Newham Council and advisory body London Economic Action Partnership - pledges to make Royal Docks a "world-leading location" for the arts.

Newham Recorder: When seeking election as the Labour candidate for mayor, Rokhsana Fiaz inferred the existing mayoral model of governance was both corrupt and corruptingWhen seeking election as the Labour candidate for mayor, Rokhsana Fiaz inferred the existing mayoral model of governance was both corrupt and corrupting (Image: Archant)

Ms Fiaz said: "We are delighted to announce the plans to transform the Royal Docks into London’s most exciting place for cultural and artistic production and the home for innovation and ideas across the capital.

"We’re very excited Royal Docks Originals festival is the beginning of this vision and will be host to local and international artists, showcasing exceptional talent in the area."

A total of £314 million has been earmarked to transform the capital's only enterprise zone.

Schemes include a project to transform Tate & Lyle Sugars warehouses and yards into community workspace.

Planning permission has also been secured for a 360 degree rotating theatre show, Soldier of Orange, which is due to open in 2023.

Mr Khan said: "This major new cultural quarter has the potential to deliver 35,000 jobs, 4,000 new homes and more than £5 billion of inward investment within the next 20 years.

"It is the latest example of London roaring back to life with culture leading the way in our city’s economic recovery."

The Royal Docks forms part of the Thames Estuary Production Corridor (TEPC), launched in 2017 by the mayor of London alongside the South East Local Economic Partnership which connects local authorities and businesses.

TEPC recently announced plans to become the world's largest cultural production corridor.

The docks, the capital's gateway to the world in their heyday, have been the subject of various regeneration projects over the years.

In 2016, Chinese investors signed a £1.7bn deal to overhaul the area's Royal Albert Dock to create the capital’s "third major financial centre".

The mayor of London and City Hall have also announced plans to relocate from Southwark to The Crystal building in Royal Victoria Dock.