The group plans to revitalise the 28-year-old venue and create a 21st-century entertainment experience, with new seating, hospitality, bars and restaurants.
Scheduled to open in Autumn 2009, the new arena is part of a wider development strategy for the group, which includes plans for a leisure and entertainment complex incorporating a large casino.
"Together, these will provide a catalyst for wider investment that will allow us to compete on not just a national but also a global scale," said NEC Group chief executive Paul Thandi.