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Saudi Arabia has postponed its flagship “Davos in the Desert” investment conference in Riyadh following Houthi attacks on the country’s airports, according to sources familiar with the matter.
Organizers of the annual Future Investment Initiative, which was due to begin next week, told members the event would now take place next year and “new dates will be communicated very soon”, according to a message to members.
The move follows a series of attacks by Yemen’s Houthi rebels in recent weeks, including strikes on Riyadh airport, and is a blow to the kingdom’s ambitions to establish itself as a global financial hub.
Riyadh’s King Khalid International Airport has been closed since October 10, when a missile strike killed 13 people and injured more than 300.
The FII is one of the most prestigious gatherings in the Gulf region and typically attracts heads of state and executives from the world’s largest banks, asset managers and energy majors.
Over the past decade, the summit has become one of Saudi Crown Prince Mohammed bin Salman’s main platforms to showcase the country’s economic diversification efforts to an international audience.
According to the agenda, this year’s FII was expected to feature speakers including Larry Fink, CEO of BlackRock, and Jamie Dimon, CEO of JPMorgan.
Organizers had considered holding the event virtually on the scheduled dates, a person familiar with the matter said, before choosing to postpone it altogether.
The FII and the government press office did not immediately respond to a request for comment.
The FII is the latest major event in the country to be hit by Houthi attacks, which have disrupted air travel to and from the kingdom. Last week, the Gulf state postponed or canceled several international events as well as a summit with EU leaders.
Major Western countries, including the United States and the United Kingdom, issued travel advisories strongly advising against travel to the kingdom after the airport attacks. These notices could make it difficult for companies to obtain insurance for staff attending conferences.
The decision to postpone the in-person FII and other events is likely to increase Saudi Arabia’s economic burden due to the conflict with the Houthis, which began nearly eight months ago and has led to disrupted oil exports and slowed economic growth.
At the FII in 2017, Prince Mohammed unveiled plans for a futuristic $500 billion new city called Neom, one of several megaprojects that have since been significantly scaled back as the kingdom grapples with a slowing economy.
In 2021, most international participants participated in the FII virtually due to Covid travel restrictions. Three years earlier, many leaders withdrew from the event after the assassination of journalist Jamal Khashoggi by Saudi agents.
The FII previously said “comprehensive security measures” would ensure the safety of participants at this year’s event. A press conference scheduled for Monday was postponed for no reason.
The postponement comes as the war continues to intensify on the ground in Yemen, where Saudi Arabia is supporting forces aligned with the internationally recognized government in their fight against the Houthis.
Local authorities in the southern province of Shabwa said at least 53 soldiers were killed and 200 others injured after the Houthis launched three ballistic missiles at a training camp, making it one of the deadliest attacks since the war resumed in July.
The Houthis claimed responsibility for the attack, which local authorities described as “treacherous and bloody”, warning that the death toll was preliminary and could rise.
Saudi authorities also issued threat alerts on Monday for the capital Riyadh, as well as al-Kharj and Najran, before announcing that the threat had passed.
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