Around $1 billion will be invested to create Australia's first fully integrated convention, exhibition and entertainment precinct at Darling Harbour.

Infrastructure NSW (INSW) will lead the delivery of the new facilities, having developed a Public Private Partnership (PPP) tailored for this project, which will create better value for the taxpayer and reduce government risk.

The new convention, exhibition and entertainment facilities will be unrivalled in Australia. They will allow Sydney to tackle the Asia-Pacific market head on, providing capacity and flexibility for 'mega' conferences and a range of other major events.

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INSW has issued a Request for Proposals to the consortia bidding for the project - a major step towards selecting the winning proposal by the end of the year.