Web Summit, often touted as the largest tech event in the world, will be hosted in Lisbon, the capital of Portugal, for the next ten years. Portugal Prime Minister António Costa and Web Summit CEO Paddy Cosgrave made this announcement on Wednesday.
Portugal reaps over EUR 300 million (USD 344 million) for the country from the event per year. The city has been hosting the summit since 2016 when it first moved to the Portuguese capital from Dublin, Ireland, initially for three years.
“We’re incredibly excited to be staying in Portugal. Without a larger venue this would not be possible,” CEO Consgrave said.
Lisbon mayor Fernando Medina said hoped that the move would make his city a hub of technology and innovation.
“This 10-year agreement with Web Summit will decisively make Lisboa a key capital for innovation, entrepreneurship and talent,” he said.
The company also organizes similar events in Hong Kong, Dublin and Toronto.
After a fierce tender process involving 20 European cities that fought to win the rights, the eponymous company behind the event reached a new EUR 110 million (USD 126 million) agreement with the Portuguese government. Apart from venue expansion to facilitate the event’s growth, the company will receive EUR 11 million (USD 12.6 million) per year from the Portuguese government.
Additionally, the size of the Altice Arena and FIL (Feira Internacional de Lisboa) will be doubled by 2022, to fit Web Summit’s growth forecasts. The first phase of the expansion project will start in the coming months and will be in place for Web Summit 2019.
Over the years, the event has rapidly grown to a one-of-its-kind show that has benefited Portugal immensely.
Web Summit has also agreed to a EUR 3 billion (USD 3.44 billion) buyout clause. This is the amount that would be compensated to Lisbon if the summit were to be held in any other city during the agreement period.