Organisers of Saudi Arabia’s Future Investment Initiative have pushed the conference back to next year, a statement posted on the official website said. The decision comes as the kingdom faces ongoing deadly attacks from the Iran-backed Houthi group.
The event had been scheduled to begin next week on October 26 and run until October 29. The statement, released on Tuesday, said a new date would be announced “very soon”.
FII chief explains the decision to delay tenth edition
FII Institute chief executive Dr Maha Bint Mishari Al Saud said the move reflected a firm commitment to partners, members, speakers and delegates. She described this year’s gathering as a landmark tenth edition that organisers wanted to deliver at full scale and with the quality the community expects.
Nicknamed “Davos in the Desert” after the World Economic Forum’s annual meeting in Switzerland, the state-backed conference showcases the kingdom’s investment plans. Those plans aim to draw billions of dollars to support an economic shift away from hydrocarbons toward tourism, sport and technology.
According to the FII website, expected speakers included Ruth Porat, president and chief information officer of Alphabet and Google, along with two financial leaders:
- David Solomon, chairman and chief executive of Goldman Sachs Group
- Laurence Fink, chairman and chief executive of BlackRock
Houthi attacks and remote work orders in Riyadh
Fighting between a Saudi-led coalition supporting Yemen’s internationally recognised government and the Iran-aligned Houthis has escalated in recent weeks. The Houthis, also known as Ansar Allah, have struck military, energy and civilian infrastructure across Saudi Arabia, including Riyadh’s international airport. The attacks have killed at least 18 people and injured hundreds more.
Government agencies in Riyadh have told employees to work from home, one worker and two consultants told the AFP news agency, as the capital faces repeated attacks. One agency message sent on Sunday said remote work had been decided for Monday to Thursday of that week, adding: “We ask everyone to continue their activities as normal.”
The Kingdom Centre, a 99-storey tower in downtown Riyadh that houses the International Monetary Fund’s regional office, has also asked workers to stay away until further notice. Companies in the King Abdullah Financial District, which hosts offices of major United States firms, have made similar requests, according to other sources.
