Saudi Arabia postpones its 'Davos in the Desert' conference after attacks

Saudi Arabia has decided to postpone its flagship investment conference until next year, organizers confirmed in a statement on Monday, following deadly attacks which rocked the kingdom in recent weeks as the Middle East conflict widens, disrupting business.

The Future Investment Initiative, or FII, was planned for October 26 to 29, but will now take place in 2027, with a new date to be announced “very soon,” the organizers said. Reuters reported earlier Monday that the in-person event had been scrapped and organizers were weighing postponing the event.

The conference, set for its 10th edition, has become a must-attend event for some of the world’s top financiers. Informally dubbed “Davos in the Desert,” in a nod to the World Economic Forum’s annual meeting in Switzerland, the state-backed annual event has showcased the kingdom’s ambitious investment plans in a bid to attract billions of dollars needed to fund its economic transformation away from hydrocarbons towards tourism, sports and technology.

Also read: Yemen’s Houthis claim attacks on Saudi Aramco site, airports and military targets

Expected speakers for this year’s event included Goldman Sachs CEO and Chairman David Solomon, Standard Chartered CEO Bill Winters and Citi’s CEO Jane Fraser, according to a draft programme.

The US-Israeli war with Iran this year has disrupted the Gulf’s busy calendar of events, with several conferences cancelled, postponed or retooled in the UAE and Qatar in the first part of the year, when the countries bore the brunt of the attacks while Saudi Arabia suffered fewer hits.

The kingdom in recent weeks has faced an escalating war with Yemen’s Iran-aligned Houthis, which have struck military, energy and civilian infrastructure across the country, including state oil company Aramco’s headquarters and Riyadh’s international airport, where strikes killed at least 18 people and hundreds were wounded this month.

FII said it wanted to ensure the event delivered “the full scale, extraordinary quality, and unforgettable impact that our community has come to expect.”

Reuters reported last week that the FII organizers considered a hybrid format, allowing executives to tune in remotely. Semafor reported Monday that big banks and private-equity firms have privately relayed safety concerns about attending the event to Saudi Arabia’s Public Investment

Fund Governor Yasir Al-Rumayyan, adding that CEOs feel pressure to attend the four-day event.