Home BUSINESS Web Summit to remain in Lisbon until 2028 in a fresh $128...

Web Summit to remain in Lisbon until 2028 in a fresh $128 million deal Updated for 2021

82,127FansLike
2,966FollowersFollow
2,690SubscribersSubscribe
82,127FansLike
3,122FollowersFollow
2,690SubscribersSubscribe

Updated: February 26, 2021


Web Summit, the largest tech conference in the world, would remain in Lisbon, Portugal, until 2028 under a new $128 million deal, Paddy​ Cosgrave, CEO of Web Summit and Antonio Costa, Prime Minister of Portugal announced on Wednesday.

The new deal also includes a large-scale venue expansion to facilitate the conference’s fast-growth.

[read_more id="2" more="Read full article" less="Read less"]

“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,” Paddy​ Cosgrave, CEO of Web Summit, said.

“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.”

The selection of Lisbon came after a robust and competitive tender process involving offers from over 20 cities across Europe. 

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

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 $3.5 billion (€3 billion) buyout clause. The buyout clause is the minimum expected economic impact of Web Summit to Portugal over the duration of its 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.​

Web Summit 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 investment pouring in”.

According to the Mayor of Lisbon, Fernando Medina, “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”

*Figures are calculated from EUR to USD at 1.165833. This rate is the monthly average taken for September 2018, sourced from the European Central Bank.

[/read_more]

Today News Africa
Today News Africahttps://todaynewsafrica.com
Today News Africa is a US-based international news organization focused on US-Africa policy and breaking news. Our goal is to provide truthful and exclusive stories to a diverse audience across North America and the African Continent. Subscribe to our news page at https://todaynewsafrica.com/ and Follow us on Twitter @todaynewsafrica

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Now

TRENDING

Human Rights Watch concludes Abiy Ahmed’s soldiers bombed civilians to death, schools, hospitals and markets in Tigray region

Ethiopian federal forces carried out apparently indiscriminate shelling of urban areas in the Tigray region in November 2020 in violation of the laws of war, Human Rights Watch said on Wednesday. Artillery attacks at the start of the armed conflict struck homes, hospitals, schools, and markets in the city of Mekelle, and the towns of Humera and Shire, killing at least 83 civilians, including children, and wounding...

Stay connected

[/read_more]

[read_more id="2" more="Read full article" less="Read less"]

error: Alert: Content is protected !!
Reddit
Tweet
Share
Share
Pocket
Share
More