Saudi Arabia has postponed its flagship Future Investment Initiative conference — known as “Davos in the Desert” — until 2027, following a wave of deadly Houthi missile and drone attacks on the kingdom, organizers confirmed this week. The four-day event had been scheduled for October 26 to 29 in Riyadh.
“This decision has been taken to ensure that our milestone tenth edition delivers the full scale, quality and impact that our partners, members, speakers and delegates expect,” the FII Institute, which runs the conference, said in a statement shared with CNN. Organizers said new dates in 2027 “will be communicated very soon” and that all registrations and partnerships remain valid.
The conference normally showcases Saudi Arabia’s financial muscle and growing role on the world stage. Wall Street leaders including JPMorgan Chase CEO Jamie Dimon, Goldman Sachs CEO David Solomon, Citigroup CEO Jane Fraser and BlackRock boss Larry Fink were all scheduled to speak at next week’s event, according to CNN.
A city under attack
The postponement follows a series of Houthi attacks on the Saudi capital, including a deadly missile strike earlier this month on Riyadh’s King Khalid International Airport. Recent strikes have killed at least 18 people and injured hundreds, according to Reuters, and a number of countries have issued travel warnings.
The airport has been closed since October 10, and government agencies in Riyadh have told employees to work from home, one worker and two consultants told the AFP news agency. The Kingdom Centre, a 99-storey tower housing the International Monetary Fund’s regional office, also asked workers to stay away until further notice.
Blow to Vision 2030
The decision is a major setback for Crown Prince Mohammed bin Salman’s Vision 2030 economic diversification strategy, which aims to reduce reliance on oil and attract billions in foreign investment. Saudi Arabia and Yemen’s Iran-aligned Houthis have exchanged near-daily missile, drone and air strikes in recent weeks, with the conflict escalating sharply.
While the organizers’ public statement did not explicitly cite the attacks, the timing — against the backdrop of worsening security and reports that executives at major financial institutions were reconsidering travel plans — left little doubt about the cause.
