Saudi Arabia has canceled the Future Investment Initiative investment conference, known as “Davos in the Desert”, after a series of missile and drone attacks by the Iran-backed Houthis. The forum was scheduled to be held in Riyadh between October 26-29, but will be rescheduled to an unspecified date in 2027.
The decision comes after attacks on airports, energy infrastructure and other strategic sites in Saudi Arabia. These included a deadly missile attack on “King Khalid” International Airport in Riyadh earlier this month. In recent weeks, Saudi Arabia and the Houthis have exchanged near-daily missile, drone and air strikes, with the conflict escalating sharply.
The participation of top executives was in question
The conference was scheduled to be addressed by JPMorgan Chase CEO Jamie Dimon, Citigroup CEO Jane Fraser, Goldman Sachs CEO David Solomon and BlackRock head Larry Fink.
Reuters was not used as a source for the names and positions in the material. According to CNN, some of the boards of international companies may have refrained from sending their executives to Saudi Arabia amid the deadly attacks.
“This decision was made to ensure that the 10th anniversary edition delivers the scale, quality and impact that our partners, members, speakers and delegates expect“, said the Future Investment Initiative Institute.Organizers said new dates for 2027 would be announced soon. All registrations and partnerships remain valid.
A blow to Riyadh's economic strategy
The cancellation puts pressure on Saudi Arabia's efforts to attract international capital and diversify its economy away from oil and natural gas. The annual forum usually serves as a showcase for the kingdom's financial clout and ambitions to play a bigger role on the global economic stage.
The deteriorating security situation has undermined Riyadh's attempts to portray the country as a stable destination for business and investment. The series of attacks has also led to travel warnings from several countries, further complicating the holding of international events in the kingdom.