Masked men attacked the victim on Loughton High Street at about 11.30PM on Friday night, where witnesses recalled seeing blood gushing from the victim.
The man was taken to hospital in an ambulance, where he is being treated for serious knife wounds.
Terrifyingly, the attack took place close to a popular nightclub NuBar where many people were enjoying Friday night drinks. The spot is also frequented by the stars of the Only Way is Essex.
Officers have arrested a 30-year-old man from Grays, who is currently being questioned on suspicion of murder.
They are still searching for the other gang members involved in the attack, who are believed to have fled the scene in a black Audi.
A car matching this description was found on fire in a nearby residential street at 6am on Saturday morning.
In a statement form the Police, the force revealed that this was probably not a random attack, and the man involved could have been targeted deliberately.