Saudi Arabia has postponed a major investment conference scheduled to take place in Riyadh next week, dealing a setback to the kingdom’s economic ambitions amid escalating attacks by Iran-backed Houthi militants.The future investment initiative (FII), widely known as “Davos in the Desert”, will now be held on an unspecified date in 2027, as reported by CNN.The annual gathering typically highlights Saudi Arabia’s financial strength and its expanding influence in global markets. Several prominent Wall Street executives, including JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, Goldman Sachs CEO David Solomon and BlackRock chief Larry Fink, were scheduled to address the event.However, organisers decided to call off the October 26-29 conference following a series of Houthi attacks on the Saudi capital, including a deadly missile strike earlier this month targeting Riyadh’s King Khalid International Airport.
Houthi attacks raise security concerns
The decision follows repeated Houthi missile and drone strikes targeting Saudi airports, energy facilities and other strategic locations. The attacks have also prompted several countries to issue travel advisories.Saudi Arabia and Yemen’s Iran-aligned Houthi militants have exchanged missile, drone and air strikes on an almost daily basis in recent weeks, marking a sharp escalation in the conflict.The worsening security situation may also have raised concerns among corporate boards about sending their chief executives to Saudi Arabia while the country faces a deadly confrontation with the Houthis.In its statement, the FII Institute, which organises the conference, said the decision was made “to ensure that our milestone tenth edition delivers the full scale, quality and impact that our partners, members, speakers and delegates expect”.The organisers said the revised dates for the 2027 edition would be announced soon. They also confirmed that existing registrations and partnerships would remain valid.
Setback for Saudi Arabia’s economic diversification
The cancellation represents a setback for Saudi Arabia’s efforts to reduce its dependence on oil and natural gas by attracting international investment and expanding other sectors of its economy.The kingdom has spent decades seeking to draw western capital into the Middle East and strengthen its position as a global investment destination.However, the deteriorating security environment threatens to weaken those efforts and could usher in a period of investment uncertainty, with potential consequences extending beyond Saudi Arabia to the wider region.