In April 2002, the Icelandic State and the City of Reykjavík signed a contract to build a conference and music centre. The two founded a private company, The East Harbour Company, that was then given the task of arranging for the construction and the running of the centre, in collaboration with a hotel on the East of Reykjavik's harbour, using a so-called private development: i.e. that a private party should take care of the design, construction, financing, and the running of these facilities.
The East Harbour Company´s overall intention is to generate life in the area and to enhance the connection between the city centre and the harbour.
Right at the beginning, the board of East Harbour Company set itself the following goals for the project:
- To create a strong cultural image, drawing the world's attention to Iceland and Reykjavík.
- To strengthen the country's position in the international competition in the fields of culture and travel.
- To create the right facilities to host international cultural events and to improve facilities as to better receive world renowned artists.
- To enrich the Icelandic cultural life and to establish international cultural connections
- To create a first rate facility for the Iceland Symphony Orchestra