Singapore city skyline at duskRising geopolitical tensions in the Middle East could reshape the geography of global business events, with Asian cities such as Singapore and Hong Kong emerging as increasingly important hubs for meetings, incentives, conferences and exhibitions (MICE).
The escalation of conflict involving the U.S., Israel and Iran has created uncertainty across the Gulf region—traditionally one of the world’s most important aviation and business travel corridors. As investors and companies reassess their exposure to the region, financial centres in Asia are attracting renewed attention.
The stakes are significant. The global MICE industry has grown into a massive pillar of the travel economy. In 2025, the global MICE market was valued at approximately US$1.22 trillion and is projected to exceed US$1.34 trillion in 2026, with long-term forecasts suggesting it could surpass US$3 trillion by 2034 as business travel and corporate events continue to expand worldwide.
Investors Reconsider Gulf Safe Havens
The shift is already visible in financial markets. Wealthy Asian investors are exploring moving assets previously parked in Dubai to financial centres closer to home. Advisers and lawyers told Reuters that “scores of wealthy Asians” are enquiring about relocating assets to Singapore and Hong Kong, reflecting growing concern that the conflict could weaken the Gulf’s reputation as a safe haven for capital.
Such financial shifts often influence business travel and event planning. If multinational companies increasingly anchor their regional operations in Asia, demand for conferences, trade exhibitions and corporate meetings may also follow.
Beautiful Panorama View of Hong Kong Skyline and Victoria Harbour at Twilight Hour
Hong Kong’s MICE Sector Rebounds Strongly
Hong Kong already has a strong foundation as a global meetings destination and has seen a rapid recovery in business events. In the first half of 2024, the city welcomed about 700,000 MICE visitors, recovering to roughly 80% of pre-pandemic levels, making it the fastest-recovering visitor segment in the tourism industry.
These visitors are also among the highest spenders. Each overnight MICE traveller spends around HK$8,000 per trip, about 20–30% more than the average visitor.
Hong Kong’s MICE visitors also stay longer, averaging 3.7 nights compared with 3.2 nights for general travellers, which further boosts tourism revenue. To sustain this momentum, the Hong Kong Tourism Board has secured more than 60 large-scale international events scheduled between 2024 and 2026, spanning sectors such as technology, finance, aviation and medical sciences.
These events are expected to attract over 180,000 visitors, reinforcing Hong Kong’s reputation as a global meeting place.
Singapore Strengthens Its Position as a Global Events Hub
Singapore is another Asian city likely to benefit from shifts in global business travel.
The city ranked second globally in the International Congress and Convention Association (ICCA) Worldwide City Rankings, reflecting its strong performance in hosting international association meetings.
Business events already play a significant role in Singapore’s tourism economy. According to the Singapore Tourism Board, MICE events generated around S$1.7 billion in tourism receipts in 2024, surpassing pre-pandemic levels.
Singapore is also investing heavily in infrastructure to maintain its competitive edge. The Singapore EXPO, one of the largest convention venues in Southeast Asia, offers over 100,000 square metres of exhibition space, enabling the city to host large international trade shows and conventions. Singapore’s Tourism 2040 plan – unveiled in 2025 – aims to grow tourism receipts to between S$47 billion (US$37 billion) and S$50 billion by 2040, up from a record S$29.8 billion in 2024, as the country shifts its focus on higher value tourism.
The government has set ambitious long-term targets as well. Under its Tourism 2040 strategy, Singapore aims to triple MICE tourism receipts by 2040, signalling its commitment to becoming one of the world’s leading business events destinations.
Asia’s Strategic Advantage
Several structural factors give Asian cities an advantage if companies begin diversifying away from Middle Eastern hubs. First, the region offers strong financial ecosystems and political stability, which are critical for hosting large international conferences. Both Singapore and Hong Kong also serve as major gateways to Asia’s fast-growing markets.
Second, the region has world-class aviation connectivity. Singapore’s Changi Airport and Hong Kong International Airport consistently rank among the world’s leading hubs, offering extensive global networks.
Finally, the strong presence of financial institutions, technology companies and multinational headquarters in both cities provides a natural base for international corporate gatherings.
A Possible Shift in the Global MICE Landscape
The Middle East will likely remain an important hub for international aviation and business events in the long term. Cities like Dubai and Doha have invested heavily in world-class infrastructure and global connectivity.
However, geopolitical uncertainty can quickly reshape corporate decision-making. If instability persists, event organisers may increasingly look toward stable and well-connected Asian destinations.
For cities such as Singapore and Hong Kong, the changing geopolitical landscape could provide an opportunity to strengthen their position in the global MICE industry—transforming Asia into an even more central stage for international business events.
