Portugal agrees 10-year $128m Web Summit host deal

Paddy Cosgrave, CEO, Web Summit (WebSummit.com), and Antonio Costa, Prime Minister of Portugal have revealed that Lisbon will remain the host city of Web Summit for the next decade.

This is under a new $128 million deal (€110 million) that includes a large-scale venue expansion to facilitate the conference’s fast growth.

After a robust and competitive tender process involving offers from over 20 cities across Europe, the company behind the world’s largest technology conference came to a new agreement with the Portuguese government.

As part of the deal, WS will receive $12.8 million (€11 million) per year from the country.

Additionally, the size of the Altice Arena and FIL (Feira Internacional de Lisboa) will be doubled within the next three years, to fit WS’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 $3.5 billion (€3 billion) buyout clause. The buyout clause is the minimum expected economic impact of Ws to Portugal over the duration of its contract, and provides security to Portugal that WS will remain in its capital for the 10-year period.

It was estimated by the Government of Portugal that WS generated more than €300 million in economic impact for the country (https://bit.ly/2xWeVmB) and that it has also helped elevate Portugal and Portuguese companies on the global stage.

Portugal was described recently by The Wall Street Journal as “one of Europe’s hottest stars, with tech startups mushrooming and investments pouring in.”

Speaking, 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’re 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’ve done.”

Mayor of Lisbon, Fernando Medina, also spoke, saying, “This 10-year agreement with Web Summit will decisively make Lisbon a key capital for innovation, entrepreneurship and talent. I’m confident the next few years will bring a sharp rise in IT investment and employment in Lisboa. We are thrilled to continue to write this story together with Web Summit.”