Spanish giant FCC and local civil engineer Alun Griffiths (Contractors) have landed the construction contract from the Heads of the Valleys Development Company
Work is due to start on the 830-acre development in late 2013 creating 3,000 new construction jobs.
The first phase will be the construction of an international specification motor racing circuit, including a hotel and commercial and retail complexes.
The complex is due to be completed in 2015/16.
It is designed to host international motor sport events and will be a centre for motor sport-related industries.
It will include a 3.5-mile track that takes advantage of the unique topography of Ebbw Vale, a Motocross track, an international karting track and off-road driving facilities.
Leader of Blaenau Gwent Council, Hedley McCarthy, said: “It is a massive project to undertake but the benefits for us all are huge.”
Michael Carrick, Chief Executive of the Heads of the Valleys Development Company Ltd, said: “We promise to deliver a truly innovative and sustainable business, helping to deliver long-term economic and social benefits for the region.”