Saudi Arabia postponed its flagship Future Investment Initiative (FII) conference as the Houthis claimed fresh attacks across the kingdom. The delay underscores mounting security concerns and disruption to the Gulf’s business calendar.
Saudi Arabia has postponed its flagship Future Investment Initiative (FII), informally known as “Davos in the Desert”, conference until 2027 amid escalating tensions in the Middle East, as Yemen’s Iran-aligned Houthi rebels claimed fresh attacks on oil facilities, airports and military targets across the kingdom.
The organisers confirmed the postponement in a statement on Monday, saying the 10th edition of the high-profile investment conference, originally scheduled for October 26 to 29, would now take place next year. A new date will be announced “very soon”.
HOUTHIS CLAIM STRIKES ON SAUDI OIL FACILITIES, AIRPORTS
The Houthis said they had carried out several attacks on Saudi targets, including an Aramco facility in Yanbu, the Shaybah oilfield, King Khalid International Airport in Riyadh and Abha airport.
There was no immediate confirmation from Saudi Arabia, and Reuters could not independently verify the claims.
The kingdom has faced escalating attacks in recent weeks, with strikes targeting military installations, energy infrastructure and civilian facilities. Attacks this month reportedly hit Aramco’s headquarters and Riyadh’s international airport, killing at least 18 people and leaving hundreds wounded, according to the report.
SAUDI ARABIA DELAYS FLAGSHIP INVESTMENT SUMMIT UNTIL 2027
The postponement comes as the conflict involving the US, Israel and Iran widens across the region, disrupting business activities and raising security concerns.
The FII conference, now in its 10th edition, has become a major gathering for global financiers, business leaders and policymakers. Informally known as “Davos in the Desert”, the state-backed event showcases Saudi Arabia’s investment ambitions as it seeks to diversify its economy away from hydrocarbons and expand sectors such as tourism, sports and technology.
This year’s expected speakers included Goldman Sachs CEO and Chairman David Solomon, Standard Chartered CEO Bill Winters and Citi CEO Jane Fraser, according to a draft programme.
MIDDLE EAST WAR DISRUPTS GULF’S BUSINESS CALENDAR
The conflict has already disrupted the Gulf’s busy calendar of business events, with several conferences cancelled, postponed or restructured in the United Arab Emirates and Qatar earlier this year as the countries came under attack.
FII organisers said the postponement was intended to ensure that the event delivered “the full scale, extraordinary quality, and unforgettable impact” expected by its global community.
SECURITY CONCERNS RAISED OVER SUMMIT ATTENDANCE
Reuters reported last week that the organisers had considered a hybrid format that would allow executives to participate remotely.
Meanwhile, Semafor reported on Monday that major banks and private-equity firms had privately conveyed security concerns about attending the conference to Saudi Public Investment Fund Governor Yasir Al-Rumayyan. The report added that chief executives felt pressure to attend the four-day event.
The postponement marks a setback for Saudi Arabia’s efforts to position itself as a global investment hub and attract international capital to support its economic transformation.
