Web Summit to stay in Lisbon for another decade in €110 million deal

By TPN/Lusa, in News · 03-10-2018 15:38:00 · 0 Comments
Web Summit to stay in Lisbon for another decade in €110 million deal

The Web Summit technology and innovation meeting is to continue being held in Lisbon for the next 10 years, the organisers announced on Wednesday, under a new €110 million, including a large-scale venue expansion to facilitate the conference’s fast-growth.

The news was announced at a meeting in Lisbon’s Altice Arena, with the Web Summit CEO Paddy Cosgrave, Portugal’s prime minister, António Costa, and the mayor of Lisbon Fernando Medina.

Organisers said that after a robust and competitive tender process involving offers from over 20 cities across Europe, the company came to a new agreement with the Portuguese government.

As part of the deal, Web Summit will receive €11 million per year from the country.

A statement issued following the announcement detailed that additionally, a part of the deal is to double the size of the Altice Arena and FIL (Feira Internacional de Lisboa) within the next three years, to fit Web Summit’s growth forecasts.

Commencement of the first phase of the expansion project will start in the coming months and will be completed for Web Summit 2019.

Web Summit has also agreed to a €3 billion buyout clause. The buyout clause is the minimum expected economic impact of Web Summit to Portugal over the duration of it’s contract, and provides security to Portugal that Web Summit will remain in it’s capital for the 10 year period.

It was estimated by the Government of Portugal that Web Summit generated more than €300 million in economic impact for the country, and has also helped elevate Portugal and Portuguese companies on the global stage.

Web Summit CEO Paddy Cosgrave said:

“We’re incredibly excited to be staying in Portugal. Without a larger venue this would not be possible. Even until a few months ago, we never believed it would be possible. The plans are incredible and we’re very thankful to all those who have worked on them.

This deal gives certainty to our many attendees from over 170 countries around the world, and our thousands of partners and exhibitors. It also gives certainty to our host country, and to our team of more than 200. Together we’re looking forward to doing incredible things.

Finally, I should add that we are grateful for the support and encouragement we received from other cities who also placed bids to host the event. We very much recognise their efforts and definitely appreciate all they have done.”

Mayor of Lisbon, Fernando Medina said:

“This 10 year agreement with Web Summit will decisively make Lisboa a key capital for innovation, entrepreneurship and talent. I am confident the next few years will bring a sharp raise in IT investment and employment in Lisboa. We are thrilled to continue to write this story together with Web Summit”

The Web Summit was first held in Ireland in 2010 and then it moved to Lisbon in 2016.

Last year it attracted about 60,000 people from 170 countries to the capital of Portugal, including 1,200 speakers, 2,000 startups, 1,400 investors and 2,500 reporters.

This year’s edition, which will be the third, is going to be held between 5 and 8 November at Lisbon's Altice Arena.


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