The Web Summit, the world’s biggest technology and entrepreneurship event, will continue being held in Lisbon until 2028.
A source involved in negotiations revealed on Tuesday night that Portugal and the event’s organisers would confirm the news on Wednesday.
A ceremony was held on Wednesday morning at 10am and was attended by Portugal’s Prime Minister António Costa, Lisbon Mayor Fernando Medina, and Paddy Cosgrave, CEO of the Web Summit, to make the official announcement on the agreement.
The trio confirmed that a deal was signed to keep the event in the Portuguese capital for another ten years until 2028.
Lisbon beat off stiff competition from cities such as Madrid, Berlin and Valencia, which were all vying to host the event.
The annual tech event draws tens of thousands of participants; it It was started in Ireland in 2010 and moved to Lisbon in 2016.
Last year, according to organisers, it drew some 60,000 people from 170 countries, including 1,200 speakers, 2,000 startups, 1,400 investors and 2,500 journalists.
According to the Ministry of Economy, the Government has invested €1.3 million per year in the event. In terms of return, the event is estimated to bring in more than €300 million per year just in services related to accommodation and transport provided to participants.
This year it runs from 5 to 8 November, at Lisbon’s Altice Arena.
