Saudi Arabia announces the postponement of the “Davos in the Desert” conference to a date that has not yet been determined

On Monday, Saudi Arabia decided to cancel a prominent conference that was scheduled to be held next week in Riyadh, in light of a wave of attacks launched by the Iran-backed Houthis. The conference organizers issued a statement saying, “It has been decided to postpone the Future Investment Initiative - known as Davos in the desert, to an unspecified date in 2027.”

This annual event usually highlights Saudi Arabia's financial strength and its growing role on the international stage. A group of Wall Street leaders were scheduled to participate in next week's events, including Jamie Dimon, CEO of JPMorgan Chase; Jane Fraser, CEO of Citigroup; David Solomon, CEO of Goldman Sachs; And Larry Fink, Chairman of BlackRock.

However, those in charge of the initiative decided to cancel the conference, which was scheduled to be held from October 26 to 29, following a series of Houthi attacks on the Saudi capital, including a deadly missile attack that occurred earlier this month and targeted King Khalid International Airport in Riyadh. Saudi airports, energy infrastructure, and other strategic locations were targeted, prompting a number of countries to issue warnings to their citizens about traveling to the Kingdom.

Recent weeks have witnessed a sharp escalation in the conflict between Saudi Arabia and the Yemeni Houthi group loyal to Iran, as the two sides exchanged almost daily attacks with missiles, drones, and air strikes. Some company boards may have expressed reservations about sending their CEOs to Saudi Arabia in light of this bloody confrontation with the Houthis.

The Future Investment Initiative Institute said in its statement: “This decision was made to ensure that our tenth edition - which represents a milestone - achieves the full level of quality and impact that our partners, members, speakers and participants expect.” The organizers explained that the new date for the event in 2027 will be announced “very soon,” stressing that all registrations and existing partnerships “remain in effect.”

Canceling this year's event is a blow to Saudi Arabia's efforts to diversify its oil-rich economy away from dependence on oil and natural gas. The deteriorating security situation undermines decades of efforts to attract Western capital to the Middle East, and may herald the region entering a period of investment uncertainty that will harm the entire region.