International start-up conference WebSummit has confirmed a new deal that will see it remaining in Lisbon for the next decade.

The summit, which remains headquartered in Ireland, has signed a new deal with the Portuguese Government worth €11 million a year.

The company moved the summit to Lisbon in 2016 – citing concerns over Dublin’s ability to host large international events.

The Portuguese Government recently estimated that the Summit generated over €300m for the country’s economy last year.

We've got some #WebSummit news to share tomorrow. T-minus 24 hours. pic.twitter.com/TMMsqzljNv

— Web Summit (@WebSummit) October 2, 2018

WebSummit said it brought over 59,000 people from 170 countries to the Portuguese capital last November.

It said the new deal was completed after a tendering process involving offers from more than 20 major European cities.

The deal will see the existing venue doubling in size to accommodate WebSummit’s growth in the coming years.

It also includes a €3bn buyout clause – providing Lisbon with certainty that the event is not going anywhere until 2028.

Web Summit founder Paddy Cosgrave speaking at one of his conferences in Bangalore, India, 24-02-2018. Image: Doreen Fiedler/DPA/PA Images

“We’re incredibly excited to be staying in Portugal,” said WebSummit founder Paddy Cosgrave.

“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.”

 We would like in particular to thank the Prime Minister of Portugal and Mayor of Lisbon.

The Mayor of Lisbon Fernando Medina said the new deal will “decisively make Lisboa a key capital for innovation, entrepreneurship and talent.”