Saudi Arabia has decided to postpone its Future Investment Initiative conference. This conference, which was scheduled to take place from October 26 to 29, 2023, has been moved to 2024. This decision was made in light of the deadly attacks that have affected the kingdom in recent weeks.
Conference Details and Its Impacts
The Future Investment Initiative conference is recognized as an important event in the global economic calendar and is informally dubbed "Davos in the Desert." This event serves as a platform to showcase Saudi Arabia's investment plans, particularly in line with the country's economic transformations from dependence on hydrocarbon resources towards tourism, sports, and technology.
Read more: Saudi Arabia Postpones 'Davos in the Desert' Conference Until 2027
During this period, speakers such as David Solomon, CEO and Chairman of Goldman Sachs, Bill Winters, CEO of Standard Chartered, and Jane Fraser, CEO of Citigroup, were expected to attend the conference. Traditionally, this conference hosts a number of the world's top investors and economic leaders.
Security and Economic Consequences
In recent months, the war between the United States and Israel with Iran has disrupted the busy calendar of regional events. Several conferences in the United Arab Emirates and Qatar have been canceled or postponed due to security concerns. In particular, Saudi Arabia has faced increasing attacks from Yemen's Houthis, who are aligned with Iran. These attacks have damaged the kingdom's military and energy infrastructure, resulting in at least 18 deaths and hundreds of injuries at Riyadh International Airport.
The organizers of the Future Investment Initiative conference have emphasized that their goal is to provide a high-quality and impactful event that the business community has become accustomed to. Additionally, reports indicate that they are considering a hybrid format for the conference to allow participants to attend online as well.
Meanwhile, major banks and private investment firms have conveyed their safety concerns to the Saudi government, and some senior executives feel pressured to attend this four-day event.
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