Business events are increasingly being recognised as strategic drivers of economic development, international cooperation and knowledge exchange, extending their value beyond traditional measures such as visitor spending, hotel occupancy and delegate numbers.

According to the American Express Global Meetings and Events Forecast 2026, 85% of meeting professionals are optimistic about the year ahead, the highest level recorded in five years.

Meanwhile, 77% of event professionals expect attendance to match or exceed pre-pandemic levels in 2026.

However, 71% anticipate higher costs per attendee, highlighting the challenge of meeting growing demand for in-person engagement amid economic pressures.

Despite these challenges, the business events industry continues to demonstrate resilience.

Its importance extends beyond generating immediate revenue for destinations, supporting the relationships, knowledge sharing and cross-border partnerships needed for economies and communities to adapt and grow.

As geopolitical tensions, economic uncertainty and technological disruption reshape international cooperation, industry stakeholders are increasingly being encouraged to recognise connection itself as an economic asset.

Business events support economic development

Business events can deliver substantial benefits to destinations through accommodation, hospitality, transport and retail spending. Their longer-term contribution, however, often lies in the infrastructure, international networks and economic opportunities they help establish.

Rwanda provides an example of how business events can support a broader national development strategy. Investment in the Kigali Convention Centre, transport connectivity, hospitality and related infrastructure has helped establish Kigali as a regional hub for international conferences and business gatherings.

In 2025, Rwanda’s business events sector generated US$94.7 million, an 11% increase on the previous year. Beyond this direct contribution, the sector has helped strengthen the country’s international profile and create conditions for wider economic activity.

Dubai has similarly invested in becoming a global business events destination, recognising that international meetings can stimulate knowledge development, innovation and commercial relationships alongside visitor expenditure.

For destinations seeking to diversify their economies, business events can also attract international attention to locations beyond established leisure tourism markets. Conferences, association meetings and incentive travel programmes can generate demand for air connections, accommodation, hospitality and local experiences, creating opportunities for businesses and communities.

Infrastructure developed to support these events, including airports, hotels and transport networks, can provide lasting benefits long after delegates depart. Improved connectivity, workforce skills, international relationships and a demonstrated capacity to host major gatherings can all strengthen a destination’s competitiveness.

Measuring the value of connections

Traditional industry performance indicators, including room nights, delegate spending and economic contribution, remain important. However, a broader approach could assess how many relationships events establish, how much knowledge they share, which partnerships emerge and whether they stimulate investment or innovation.

Knowledge exchange is a particularly important part of this contribution. Business events provide opportunities for professionals to test ideas, exchange expertise and accelerate the spread of developments across industries and countries.

A medical conference, for example, generates economic activity through accommodation, restaurants and transport. Yet its lasting value may be reflected in research partnerships, investment in new treatments, collaboration between institutions or opportunities for early-career scientists.

Bringing researchers, clinicians, policymakers and businesses together can also accelerate the transfer of knowledge between countries, potentially supporting scientific advances and improvements in healthcare.

These outcomes are more difficult to quantify than immediate visitor expenditure, but they may deliver substantial long-term benefits. Assessing the impact of business events therefore requires greater attention to what happens after participants return home.

Strengthening soft power and international positioning

Business events can also support nation branding and soft power, helping destinations build international credibility, strengthen commercial relationships and improve their standing in global markets.

Hosting a technology conference, for example, can reinforce a city’s reputation as an innovation centre, connect businesses with talent, expose policymakers to emerging developments and attract future investment.

Abu Dhabi has linked its business events strategy to its wider Economic Vision 2030, evaluating prospective events not only by visitor numbers but also by their potential economic, social and cultural impact.

This approach reflects a shift towards selecting events according to the long-term objectives they can support, rather than focusing exclusively on attendance and immediate revenue.

As destinations compete for international investment, talent and business opportunities, events can provide platforms for showcasing local capabilities, facilitating partnerships and building relationships with global industries.

Building meaningful and sustainable legacies

Realising these benefits requires a deliberate approach. Not every event automatically generates lasting economic or social value, and growth should not be pursued without considering its wider consequences.

The industry must address the environmental impact of international travel, barriers created by visa requirements and affordability, and whether particular gatherings deliver benefits that cannot be achieved through alternative formats.

Organisers and destinations should establish clear objectives before events take place and assess their outcomes afterwards. This could include tracking partnerships formed, investments secured, research collaborations initiated, skills developed and opportunities created for local businesses.

Such measures would complement traditional economic indicators while providing a more comprehensive picture of an event’s contribution.

The challenges facing international cooperation, including geopolitical tensions, economic uncertainty, climate pressures and technological change, are likely to continue. These conditions make opportunities for direct engagement, shared learning and collaboration increasingly important.

The business events industry has traditionally measured success through the people it attracts, the nights they stay and the money they spend. Those indicators remain relevant, but they capture only part of the picture.

The wider opportunity is to measure what happens next: the relationships established, the ideas shared, the investment generated and the collaborations that cross borders.

In an increasingly fragmented world, business events can serve as more than economic activities. They can become strategic infrastructure for connection, innovation and long-term growth, helping destinations and industries build the relationships needed to thrive.

The industry’s focus on connection, collaboration and long-term impact will also feature at IBTM World, taking place from 17–19 November 2026 in Barcelona, Spain. The event brings together meetings and events professionals from around the world to build partnerships, exchange ideas and explore opportunities shaping the future of the global business events industry. -TradeArabia News Service