Saudi Arabia has postponed its investment conference, known as 'Davos in the Desert', to 2027. This decision was made following attacks carried out by Houthi militants, which resulted in damage to critical infrastructure and the deaths of several people in the capital.
Details of the Conference and the Consequences of the Attacks
The 'Future Investment Initiative' (FII) conference, which typically hosts CEOs of the largest companies in business, finance, and technology, will now take place in 2027. This conference, which was previously scheduled for October 26 to 29 of this year in Riyadh, has been postponed due to the unsafe security situation. The organizers of the event stated in a statement: “This decision was made to ensure that our important tenth edition is held in the best possible manner.”
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The Houthi attacks, which have damaged various facilities including Riyadh International Airport, have led to a week-long closure of the airport, with 108 flights canceled on Monday and 18% of scheduled services disrupted.
Long-term Impacts on the Saudi Economy
These attacks have seriously undermined Saudi Arabia's efforts to become a destination for investment, tourism, and business. These efforts are aimed at diversifying the country's economy and reducing dependence on oil. The FII conference is a key platform for showcasing these ambitions to global investors and attracting billions of dollars in foreign investment to advance Saudi Arabia's Vision 2030 reforms.
Many of the scheduled speakers for this edition of the conference, including Larry Fink, CEO of BlackRock, and Jamie Dimon, CEO of JPMorgan, were expected to attend the event. This conference is held with the support of the Public Investment Fund of Saudi Arabia, which is a sovereign wealth fund.
Additionally, King Abdulaziz International Airport in Jeddah has also faced widespread flight disruptions. On Monday, 50 flights were canceled and 24% of flights were delayed. This critical situation has further impacted the security and economic stability of Saudi Arabia.
Regionally, U.S. embassies in various countries, including Gulf Cooperation Council countries as well as Jordan and Lebanon, have issued warnings to American citizens to remain vigilant against potential threats. This statement includes warnings about the possibility of flight cancellations and travel disruptions.
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