Saudi Arabia Postpones Major Investment Conference After Houthi Attacks

The organizers of the Future Investment Initiative (FII), a major investment conference held in Saudi Arabia every year, announced on Monday that the event would be postponed from October 26-29 to an unspecified date in 2027.

Although the statement did not specify the reason for postponing the conference, it was widely assumed to be prompted by attacks on Saudi Arabia’s cities and airports by the Iran-backed Houthi insurgents of Yemen.

“This decision comes from a deep commitment to our partners, members, speakers, and delegates,” FII said on Monday. “Because this is our landmark tenth edition, we want to ensure it delivers the full scale, extraordinary quality, and unforgettable impact that our community has come to expect and truly deserves.”

The organizers said reschedule dates in 2027 would be announced “very soon,” and “all current registrations and partnerships remain completely valid.”

CNBC noted on Monday that “some of the biggest names in business and finance were listed as speakers for the conference,” including Jamie Dimon of JPMorgan Chase, David Solomon of Goldman Sachs, and Larry Fink of BlackRock.

According to CNBC’s sources, some of the participants had made plans to work around the Houthi threat to Saudi airports by “flying first to Bahrain and then driving five hours to Riyadh,” the Saudi capital where the FII was to be held.

The FII, sometimes known as “Davos in the Desert” after the famous World Economic Forum (WEF) in Davos, Switzerland every year, was launched in 2017 by the Saudi sovereign wealth fund.

The de facto chief executive of Saudi Arabia, Crown Prince Mohammed bin Salman (MBS), announced his plans for the ill-fated mega-city NEOM at the inaugural FII event. The conference became an important part of MBS’s plans to diversify the Saudi economy away from complete reliance upon the petroleum industry.

Reuters on Monday noted that Qatar and the United Arab Emirates (UAE) canceled or rescheduled some events earlier this year due to Iran’s wanton missile and drone attacks on its neighbors, but Saudi Arabia was relatively safe until hostilities flared up with the Houthis in September.

The Houthis began launching drone and missile attacks against civilian targets in Saudi Arabia and, on October 10, they scored a deadly hit on King Khalid International Airport in Riyadh, killing at least 14 people. The Houthis ignored regional and international outrage to launch more attacks on Saudi airports, and they have warned airlines that flying into Saudi Arabia is not safe.

Reuters quoted sources who said “big banks and private-equity ⁠firms have ​privately relayed safety concerns about attending” the FII conference in Riyadh, and the organizers considered “allowing executives to tune in remotely” before postponing the event.

Saudi sources told Al Jazeera News on Tuesday that some government workers and private sector employees in Riyadh have been told to work from home while the threat of more Houthi attacks looms.

The Houthis claimed more attacks against Saudi airports and energy facilities on Monday, including another strike on King Khalid International Airport, while the Saudi military said it was able to intercept several drones launched at Riyadh over the weekend.

King Khalid airport said on Monday that it will restrict air travel until further notice, requiring permission in advance for all takeoffs and landings, and canceling its use as an alternative landing site during emergencies. The airport was completely shut on Monday, with no announced plans to reopen. The decision to reschedule the FII conference was evidently made soon after King Khalid International announced its flight restrictions.