Investment conference: Saudi Arabia offers alternative travel routes

RIYADH: Saudi Arabia plans to move ahead with a major investment conference in Riyadh despite Houthi attacks on the kingdom, offering on-site and virtual attendance as well as alternative air and land travel routes, diplomatic sources told AFP.

Riyadh usually hosts a packed calendar of events, but it has recently seen escalating military tensions with the Yemeni group, which has intensified attacks on the kingdom’s airports and oil facilities.

Saudi Arabia’s Future Investment Initiative (FII) Institute hosts an annual forum dubbed “Davos in the desert”, which usually draws foreign leaders and business titans, and this year it is scheduled to be held in Riyadh from October 26 to 29.

Diplomatic sources said that to prevent cancellation, organisers reached out to embassies and foreign companies to explore “hybrid” participation options, allowing officials and business executives to attend either in person or virtually.

They have even discussed arrangements for participants to fly by private jet to Dhahran airport in eastern Saudi Arabia before travelling by road to Riyadh.

A diplomat from an Asian country said “they contacted us and offered that attendees travel to Manama or Doha”, referring to the capitals of Bahrain and Qatar respectively, and then drive by land to the Saudi capital.

Riyadh’s international airport, a main target for Houthi attacks, suspended operations last week after 13 were killed in a strike there, with no clear timeline for when air traffic would reopen.

It was the deadliest attack on the kingdom in more than a decade. A total of 18 people have been killed at the airport in attacks since October 7. Two people were also killed in a strike on Abha International Airport.

A western diplomat said that only one executive from their country had been expected to attend the FII conference this year, but that person, who works in the transport sector, also cancelled due to the security situation.

Another western diplomat said “I dont think anyone will risk their lives to attend an investment conference”.

Saudi Arabia has had to cancel several events recently including the MDLBEAST Soundstorm festival and the Red Sea Film festival.

The FII initiative was launched in 2017 to showcase Crown Prince Mohammed bin Salman’s Vision 2030 of diversifying Saudi Arabia’s oil-dependent economy.