RIYADH: Saudi Arabia has postponed its flagship investment conference, the Future Investment Initiative (FII), until 2027 amid growing security concerns following a series of attacks by Iran-backed Houthi rebels in Yemen.
FII Institute Chief Executive Officer Maha Al Saud announced on Monday that the annual conference, widely known as the “Davos in the Desert”, would no longer take place as scheduled from October 26 to 29.
In a statement posted on X, Maha said the postponement would ensure that the anniversary edition of the event could be held on the scale and to the standard expected by participants.
A new date will be announced in due course, while existing registrations and partnerships will remain valid, she added.
Over the past decade, FII has become a key platform for Saudi Arabia to attract international investors, business leaders and heads of state, while promoting efforts to diversify its oil-dependent economy.
The postponement is a setback for Riyadh’s efforts to attract foreign investment and advance its economic reform agenda.
According to AFP, three sources familiar with the matter had earlier indicated that the conference would be postponed. Concerns over the risks of travelling to Riyadh amid the current security situation were also cited as a factor behind the decision.
The move follows the suspension of operations at Riyadh’s international airport earlier this month after an attack on October 10 that killed 13 people. The airport had reportedly been targeted several times by Houthi attacks, with no clear timeline given for the resumption of flight operations.
The incident was reported to be Saudi Arabia’s deadliest attack in more than a decade in terms of fatalities.
Earlier this month, diplomatic sources said Saudi authorities had initially considered proceeding with the conference through a combination of in-person and virtual participation, alongside alternative air and land travel arrangements.
However, those plans were reportedly abandoned as Western countries issued increased travel warnings for the region and the airport remained closed.
A consultant advising Saudi companies said executives he had contacted were highly reluctant to travel to Riyadh for the conference.
Companies were unwilling to put their employees’ safety at risk simply to attend an investment event, he added.
-AWANI
