Chris Lewis, the regional vice president of Xbox for Europe, Middle East and Africa, promises "some exciting announcements" this year. In 2002, Microsoft used the event to announce its acquisition of Rare.
Microsoft held its last Xbox event, X05, in Amsterdam. The event drew in many journalists for their abundance of legal "hookers and hash."
[update 1: Contrary to popular belief -- mine, and I am so popular -- it is actually not called the "Middle Ease." But if it was, it'd probably solve a lot of problems. Also corrected a date involving the MS/Rare announcement.]