The Ulster Branch of the Irish Rugby Football Union received £16.4m from the Northern Ireland Executive towards the redevelopment, which will increase capacity to 18,000 through the construction of three new stands at the Aquinas and Memorial ends, replacement grandstand and upgrades to the standing terraces of the Premium stand.
First Minister Peter Robinson said: "The transformation of the home of Ulster Rugby has been truly remarkable. Ninety years after the opening of the grounds in the 1923/24 season, Ulster Rugby now has a state-of the art stadium to be proud of.
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"Ulster fans are famous for their ferocious loyalty to their team and now Ulster Rugby has a stadium that is equally impressive.
"The Northern Ireland Executive's contribution of £16.4million has enabled the construction of this magnificent sporting arena which during its construction, provided much needed apprenticeships and employment opportunities across Northern Ireland.
"I very much welcome that the memory of talented young rugby star, Nevin Spence, will live on through a new education and heritage centre in the new Memorial End Stand. This centre will ensure that the stadium will continue to make a positive contribution to the community long after the final phase is complete."
The deputy First Minster, Martin McGuinness said: "Ulster Rugby through their actions and investment both on and off the field has sent out a clear signal of intent - to be at the forefront of European Rugby. This is a very significant multi million pound investment in the future of Ulster Rugby at all levels."
(CD/JP)
